The Kenya Reinsurance Company plans to construct a commercial building in Nairobi’s Upper Hill area next year. The office block will cost the company Sh4 billion (US$ 46m).
This was confirmed by Kenya Re’s managing director Jadiah Mwarania during the company’s investors meeting. He said they decided to embark on this project because of a high demand of office space in Nairobi’s Upper Hill region. He further said that though the project was still at its infancy, they hope to break ground next year.
Kenya Re has another building in Upper Hill that houses several companies such as Ernst and Young, Kenya Tourist Board and Kenya Roads Board and from all these buildings they received a rental income of Sh545 million(US$ 6.2 mn) in 2013. The twin-tower building has 10 floors on one tower, while the other tower has six floors.
The company hopes to receive more rental profits from this initiative.