The Two Rivers Development Limited (TRDL) is planning to sell several pieces of land for Sh. 5.6 billion in order to repay a short term debt it is seeking to fund its real estate projects.
The company which together with Old Mutual owns the Two Rivers, has set aside 11 lucrative pieces of land for sale before the end of this year. The company expects to get a minimum of Sh. 4.96 billion from the sale.
TRDL further says that five residential plots will go for Sh. 2.48 billion, three mixed use (Sh. 1.38 billion), two mixed retail (Sh. 1.18 billion) and Sh. 569 million is what they expect to raise from the disposal of a plot meant for construction of a five-star hotel.
The company, whose majority shareholder is Chris Kirubi’s Centum Investments is seeking to raise Sh2 billion payable after one year with an interest of 14.5 per cent.