The family of the late businessman Nelson Muguku has put the prestigious Waterfront Mall in Karen on sale. The family is targeting to get Sh. 20 billion from the sale. The sale comes barely three years after the mall opened.
The mall was officially opened in 2018 with the anchor tenant being South Africa’s retail giant, Game. At the time, the complex was estimated to be worth Sh. 3 billion. The 200,000 square feet property occupies 13 acres of land. The anchor tenant has since exited the premise. It was replaced by Naivas.
However, in the sale, the Muguku family will dispose off the total 50 acres of land plus the complex it owns in the area. The complex was built by Chinese contractor, CJRE East Africa, which is a subsidiary of the China Railway Group Company. The Waterfront Karen has over 1,000 parking bays to use within both open and basement parking, accessible from either Lang’ata Road or Karen Road.
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The Sh. 20 billion asking price is one of the highest asking prices for a property in Kenya. “
“The Waterfront is the only 50-acre bulk of land at the centre of Karen and its prestigious environs. The property features over 30 acres of undeveloped land; a goldmine that can be converted into an ultra-modern mixed use development featuring high-end residential, commercial and recreational facilities – creating immense value for an investor. Karen is home to some of the most exclusive and high-profile residences in the country and continues to attract the wealthiest in society,” a sales advert on the property was quoted by a local daily.
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The Muguku family is widely renowned because of its founder, nelson Muguku who became a billionaire from selling chickens. The Mugukus were some of the largest shareholders at Equity Bank. They however dropped from the top list of shareholders in 2016 after selling shares worth an estimated Sh. 4 billion.
