The Sh. 5.5 billion UAP Old Mutual Tower in Upper Hill, Nairobi had been put on sale.
According to company disclosures that were released on Monday October 30, 2023, UAP Old Mutual stated that its shareholders would approve the sale and transfer of the office block at its Annual General Meeting to be held on November 14, 2023.
The UAP Old Mutual Tower is a 33-storey office complex. In 2015, it became the tallest structure in Kenya upon its completion.
The building surpassed the Times Tower which had held that record for 15 years. The Times Tower is the headquarters of the Kenya Revenue Authority.
UAP Old Mutual Tower is owned by UAP Old Mutual Group, a financial services conglomerate headquartered in Kenya, with subsidiaries in six African countries.
The building complex has rentable space that measures 29,000 square metres (310,000 sq ft).
The construction of the tower was financed through private equity at a total of approximately USD 40 million.
The building opened for business on 5 July 2016 and was 50 per cent filled on opening day.
As at December 2022, Old Mutual valued the building at Sh. 5.5 billion. This was the same valuation the company had given the tower as at December 2022.
UAP Old Mutual Tower is the firm’s largest investment property. It ranks ahead of Uganda’s Nakawa Business Park, South Sudan Equatorial Tower, and Equity Centre which serves as the headquarters of Equity Group.