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Economy

UK real estate firm in merger deal with Kenyan consultants

The company has delivered projects such as Garden City Mall. FILE PHOTO | NMG
The company has delivered projects such as Garden City Mall. FILE PHOTO | NMG 

UK-based real estate firm Turner and Townsend is set to merge its Kenyan business with Nairobi-based project consultants Mentor Management Limited (MML).

The deal, which is subject to regulatory approvals, follows acquisition of a majority stake in MML from leading growth market investor, Actis.

The new business entity, MML Tuner& Townsend, will operate across infrastructure, real estate and natural resources sectors in  East Africa.

“East Africa is a key market for Actis’ real estate team, with strong macro and real estate fundamentals.

“The interest received from strategic investors reflects these fundamentals and MML’s market leading position. We look forward to a continued business relationship with MML Turner & Townsend as we continue to build our reputation as the most experienced sub-Saharan African private equity real estate investor,” said Michael Turner, Head of Actis’s Nairobi office in a statement Tuesday.

Turner & Townsend was established in the UK in 1946, and has 104 offices in 44 countries with over 5,000 workers.

MML however, has been operating in Nairobi since 1987 in the commercial and residential sectors. The company has delivered projects such as Garden City Mall, 11,000 square metre cargo handling facility for Swissport and a new chancery for the Australian High Commission.

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