Pan Africa group held a ground breaking ceremony on Monday, for construction of their new office complex along Waiyaki Way in Westlands, Nairobi – Kenya. The building will be constructed at a cost of US$ 28m and will be 20 stores high.
The new office complex will now be the firm’s new headquarters, and the rest of the office space will be rented out to generate extra income for the company. The company is seeking to invest in the booming real estate business in the country and the need for high-end offices by companies.
During the ceremony, the firm confirmed their motive to grow their shareholders’ value and continue to be an employer of choice, as well as boosting their ability to provide innovative client centric products.
The acting CEO for Pan Africa Mr. Stephen Kamanda said during the ceremony that the move is a huge milestone in their growth strategy as a group, and that it will stand as a complimentary investment to their traditional investment.
The project will be funded using Pan Africa’s cash reserves.
Pan Africa insurance has been an insurance provider in Kenya for over 60 years. The firm has a presence in over 12 major towns in the country. The company is organized in three business segments – long term investments, investments general property business and property development. Other insurance firms have also ventured into the real estate business to broaden their source of profit.
The company has earlier announced Upper Hills and Westlands as preferred locations for the office, but now has chosen the latter.