Written By Gerald Gekara | |
The scheduled auction of a multi-billion shilling property on Nairobi’s Riverside Drive, where the iconic Dusit D2 hotel is located, has been halted by the Court of Appeal.Â
The property was put up for sale earlier this month to clear an outstanding Sh5 billion debt.
Following an application by I&M Bank and an administrator appointed by the lender, a bench of three judges placed the sale of the building on hold on Wednesday, stating that the building’s owners owe them $25 million (Sh2.82 billion).
In October of last year, the lender issued a notice appointing Vruti Shantilal Shah as the administrator.
After the property’s owner, Cape Holdings Ltd, failed to pay Synergy Industrial Credit Sh4.2 billion plus interest, Moran Auctioneers placed it up for auction.
The 14 Riverside Drive complex, is made up of five office buildings, a five-star hotel (Dusit D2) with a swimming pool, a parking silo, a food court, and a café.
With an extra 34 parking bays, the parking silo can accommodate 625 vehicles.
According to a newspaper advertisement published yesterday, the property was put on auction as a whole or in blocks or offices to single or numerous buyers.
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