The Waterfront Mall management has distanced itself from reports that the mall is on sale for Ksh. 20 billion. – By Gerald Gekara.
In a press statement to the public, Dr. David Munguku, the managing director said the report was false and was not sanctioned by the management.
“Our attention has been drawn to information circulating in sections of the media claiming that The Waterfront Karen Shopping Mall is up for sale. We would like to dispel this information and let the public, our tenants and clients know that the information is false and does not represent the position of the management.” the statement read.
He went on to caution any investors on false reports of sales, saying the property was on a long term investment plan.
“The Information should therefore be disregarded and treated as false. The Waterfront Karen Shopping Mall and its surrounding property remains to be a long-term investment whose main objective is to provide a conducive, safe, environmentally-friendly and world-class shopping & lifestyle experience for the public.” Dr. Munguku added.
At 20 Billion, The Waterfront Karen Mall would have been the most publicized asking rates in a single property sale.
The property is one of the family’s largest acquisitions since selling the patriarch’s original equity interest in Equity Group.
Following the bank’s listing on the Nairobi Securities Exchange (NSE) in August 2006, the heirs sold shares worth more than Sh4 billion.
Other real estate interests of the family include the former Standard Chartered Bank Kenya office on Moi Avenue in Nairobi and the Cross Roads Shopping Centre, which is 850 meters from The Waterfront.
The executive mall features an Aqua park, expansive green fields spanning 50 acres and a multi-purpose shopping complex for the middle class living in Karen.
