The Waterfront Mall in Karen, which sits on a 50-acre parcel of land has been put up for sale withe the asking price set at Ksh20 billion.
The mall belongs to the family of the late businessman Nelson Muguku, who divested his stake at Equity Bank to build the mall.
“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,” the advert read.
However, in a statement, the managing director Dr David Muguku said that the mall remains “a long-term investment” for the proprietors and was not on sale.
“We would like to dispel this information and let the public, our tenants and clients know that the information is false and does not represent the position of the management. The Information should therefore be disregarded and treated as false,” said Dr Muguku
“The Waterfront Karen Shopping Mall and its surrounding property remains to be a long-term investment… We would like to further inform the public that any information pertaining to the sale of the property, if any, or any other matter would be issued by the management through official channels.”
The Waterfront, which has 215,000 square feet of lettable space, is currently 66 percent occupied.
The family sold their stake in Equity Bank worth Ksh4 billion in 2006 after the lender listed in the Nairobi Securities Exchange (NSE).
The sale follows the exit of its anchor tenant Shoprite on July 31, 2020, over the adverse effects of the Covid-19 pandemic on the economy.
The family owns former office of Standard Chartered Bank Kenya along Nairobi’s Moi Avenue and Cross Roads Shopping Centre.
Muguku died on October 10, 2010 at the age of 78 after a short illness.