NSE-listed agricultural firm Sasini has put up for sale one of its prime properties in Nairobi’s central business district quoting a bottom price of Sh600 million. The building on Loita Street, whose main tenants are corporate firms, sits on 0.2159 acre piece of land. The sale is expected to raise cash for Sasini’s expansion plans.

“Prospective buyers can view the building during office hours and may send their offers to purchase the building in writing,” said an advert published by the company.

Sasini this year said it would sell 513.7 acres of its leasehold land, a transaction that is expected see the firm gain Sh1 billion to boost its cash flows.

GP Otieno, an official of Sasini, said the move would the company focus on strategic investments that add value to its shareholders.

“Real estate has never been our core business and we want to raise money that can fund our expansion in other sectors and help grow our subsidiaries,” he said.

The firm said the sale would be completed through the disposal of its subsidiaries Mweiga Estate and Wahenya Limited which hold 266.7 acres and 247 acres respectively.

Sasini made a net profit of Sh45.4 million in the year ended September.

The company’s net profit peaked at Sh993.7 million in 2010 when its turnover stood at Sh2.2 billion, underlining the falling margins over the years.

Sasini blamed the slow sales on reduced output and lower prices of its two key commodities — tea and coffee.

Businessman Nashaud Merali, who is a director and one of the big Sasini shareholders, recently sold part of his stakes in telco Airtel Kenya, Swift Global, Equatorial Commercial Bank  and Kenya Data Networks.