The Grade ‘A’ office complex was completed at the end of 2002 and sits on a 16-acre plot which Actis acquired from the Jockey Club of Kenya to develop the commercial block.
Africa-focused PE fund Actis sold its stake in the property in February 2015 for an undisclosed amount.
Jockey Club, which had a minority stake in the joint venture, also exited the deal, according to sources.
A group of local tycoons led by businessman Nizam Din have put up for sale Nairobi Business Park, a commercial property on Ngong Road and previously owned by London-based fund Actis, with an asking price of Sh2.6 billion.
The Grade ‘A’ office complex was completed at the end of 2002 and sits on a 16-acre plot which Actis acquired from the Jockey Club of Kenya to develop the commercial block.
The owners have appointed London-based realtor Knight Frank to lead the hunt for an investor to acquire the park which rakes in $1.48 million (Sh152 million) in rental income annually. Knight Frank touts the complex as a good buy given that rents are dollar denominated, its proximity to the leafy Karen suburb, dualling of Ngong Road, 228 parking bays, presence of back-up generators, borehole and a leasehold residue of 82 years.
“Rents inclusive of parking for the existing office accommodation is paid in United States dollar and paid quarterly in advance,” says Knight Frank in a notice.
“This provides an investor with good infrastructure to allow them to achieve maximum returns on their investment.”
Africa-focused PE fund Actis sold its stake in the property in February 2015 for an undisclosed amount.
Jockey Club, which had a minority stake in the joint venture, also exited the deal, according to sources.
Office rental space at the property is priced at an average of $1.25 (Sh128) per square foot per year, with the parking bays going for $273,359.55 per (Sh28.1 million) per annum, says Knight Frank in the notice.
The current tenants at the office block include law firm Coulson Harney, oilfield service firm Weatherford, Nokia Siemens, Millard Brown, and risk management firm Newport Africa.
Some of the past mega property deals in Nairobi include sale of 18-storey ICEA Building in the central business district for Sh1.85 billion to Jomo Kenyatta University of Agriculture and Technology in October 2015.
Togo-based Ecobank last year sold its former headquarters in Nairobi, Ecobank Towers, for an unknown amount.
