Market News

KenGen pension sells Sh100m beach plot

Olkaria V geothermal plant
Olkaria V geothermal plant in Naivasha. FILE PHOTO | NMG 

Property-rich KenGen Staff Retirement Benefits Scheme (SRBS) is disposing of an eight-acre beachfront plot located next to Kilifi Ocean Beach Resort with a reserved price of Sh99.6 million.

Said to be suitable for development of a hospitality facility, buyers should file bids by April 24. Each bidder, said the notice, must include a Sh1,992,000 bank guarantee. “Should the bidder fail to make the 30 per cent deposit, the contract award will be cancelled and the 10 per cent will be refunded without interest and less the bid security of Sh1,992,000,” it says.

In 2017, KenGen SRBS signed new lease agreements with KenGen and KenGen Foundation for the office space and restaurant space on KenGen Pension Plaza 2 respectively that guaranteed sustained revenue growth with more available for leasing for purpose of setting up a staff gymnasium and health facility.

While many pension schemes have been disposing off parcels of land to improve their liquidity, KenGen SRBS had last year hinted it interest in investing in the affordable housing programme space.