Pan Africa Insurance Company is set to build a Sh2.5bn (US 287m) office complex in Westlands, Nairobi.
The construction of the building will commence later this year and it will be one of the tallest towers along Waiyaki Way in Nairobi. It will constitute of 17 to 20 floors housing the insurer’s headquarters and other rental offices.
Pan Africa’s CEO Tom Gitogo said that they will use a third of the space in the new building and rent out the rest so as to generate income adding that construction will be funded using Pan Africa’s cash reserves.
Pan Africa already owns properties in Runda Estate under the Mae Properties subsidiary, whose sale has boosted its earnings in the past two years.
Upper Hill and Westlands are emerging as the preferred office locations as more companies shift operations from Nairobi’s congestion that is straining facilities such as parking.
Britam and UAP are other insurers that are building office towers in Nairobi.