Companies

Merali set to build Sh2bn office block

MERALI

Billionaire Naushad Merali. PHOTO | FILE

Billionaire businessman Naushad Merali is set to build a Sh2 billion office block in Westlands by August next year.

The new complex named Rivaan Centre will have seven floors.

The management says it is targeting companies and individuals who intend to set up high-end eateries in the building located on Muguga Green off Brookside Drive.

Ashis Chada who works in the finance department at Merali’s Sameer Investments and who is in-charge of overseeing the construction told the Business Daily that the new investment is part of the wider plan for the firm’s real estate ventures.

“The investment is a Sh2 billion project and is expected to be complete by next year. We have already started the groundwork. This is a huge investment and is in line with Sameer Investment diversification plan,” Ashis Chada said.

The property, when completed, is expected to be managed by Knight Frank.

Mr Merali last week also announced that his investment arm, Sameer, would revive the Kabazi Tomato Canning Factory in Subukia and invest in an up-coming geothermal power plant in Naivasha.