Markets & Finance

UAP Towers rises above market concerns


Ideally located at the heart of the Upper Hill financial district, UAP Tower on Upper Hill road marks a new milestone in the evolution of the Nairobi skyline. PHOTO | SALATON NJAU

Kenya’s highest building, the UAP Old Mutual Tower, officially opened for business on Monday with 50 per cent subscription despite earlier fears of over-supply.

Britam Towers is the tallest building in Kenya, but UAP Towers is the highest by virtue of being on a higher ground.

The management said the 163m high, 33-storey development located in the upmarket commercial district of Upper Hill is 50 per cent taken-up.

"The take-up rate of the development is currently about 50 per cent," UAP- Old Mutual Group Managing Director in charge of Asset Management Patricia Kiwanuka told Business Daily.

It is offering for lease 300,000 square feet of Grade A office space and 25,000 square feet of retail space.

Demand by foreign investors seeking to make Nairobi their base of Africa operations has boosted the office space market.

The company, Ms Kiwanuka said, is in advanced discussions with other interested tenants to fill up the remaining office space whose minimum offering has been capped at a minimum space of 3000 square feet. The building has been completed over a five year period at a cost of Sh4 billion.