A US$ 115m shopping mall is set to be constructed in Nairobi’s up market area by Britam as it focuses on real estate to help increase its profits.
Benson Wairegi, Britam’s Group Managing Director, told shareholders during an AGM meeting that it would pursue property development and management as its core business after creating a separate business unit known as Britam Properties (Kenya) Limited.
“We want to do a mall because there is pent up demand in Kileleshwa and there are no malls in that proximity,” said Mr Wairegi.
The company plans to construct on a 13,000 sqm of space, making it the latest high-net worth investor to invest in retail space. It will be a mall of mixed development that includes offices, serviced apartments and a hotel.
The project value is approximately US$ 115m including land.
Britam, which has insurance, asset management and property development businesses, has acquired land worth US$ 96m for its property investments. They have already started leasing space at the 32-storey Britam Towers, which will be the third tallest building in Africa at 195 metres above the ground.
Britam is working on serviced apartments in Kilimani and Hurlingham, Mlolongo residential development and Ngong Township mixed use development. It recently received US$ 34m from the International Finance Corporation (IFC) for a 10.3 per cent stake in the firm.