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Laptrust set to complete building Sh3bn mall in Lang’ata

CPF Financial Services chief executive Hosea Kili. file photo | nmg
CPF Financial Services chief executive Hosea Kili. file photo | nmg 

County workers pension fund (Laptrust) is set to complete building a new mall and 252 residential units in a Sh3 billion mixed housing development in Nairobi’s Lang’ata area later this year.

The residential units are set to be completed by mid year and the mall in the course of the year, though no specific date was given.

Laptrust’s property manager, CPF Financial Services, said it had appointed Naivas as the anchor tenant for their 120,000 square feet Freedom Mall while 50 adjacent shops will be leased to individuals.

CPF chief executive Hosea Kili said the construction of the houses, which stand on five acres, was ongoing and they will be open for occupation mid this year creating a new revenue stream for the 21,300-member retirement fund.

This will deepen CPF’s real-estate portfolio valued at more than Sh8 billion or a third of the fund.

“Buyers of the two-, three- and four-bedroom housing units will enjoy a 10-year service fee holiday during which CPF will manage and maintain the property,” said Mr Kili.

He said talks were on for possible partners in the planned development of a highrise building on a prime plot in Nairobi and a residential-cum-commercial investment on its 23-acre property in Thika.

According to the scheme’s December 31, 2015, valuations; the quarter-acre plot next to its headquarters in Nairobi was valued at Sh840 million while the 23-acre Thika property was put at Sh308 million.

“We invited investors to consider partnering with us on the development where our equity amounts to the value of the land,” said Mr Kili.