Two Rivers Mall construction on track

By
Font size: Decrease font Enlarge font
An artist’s impression of the Two Rivers Mall in Nairobi which is will be the largest shopping mall in East Africa. on completion. An artist’s impression of the Two Rivers Mall in Nairobi which is will be the largest shopping mall in East Africa. on completion.

Image gallery

Kenya can look forward to the launch of Two Rivers Mall in Nairobi — when it officially opens its doors in October.

SEE NEW DEVELOPMENT: Business Gateway — Mon Trésor Industrial Freeport Zone in Mauritius

Earmarked to be the largest shopping mall in East Africa, the project is part of a mixed-use real estate development that is being undertaken by Centum Investment Group on a 102-acre parcel of land that was acquired from the Koinange family in a transaction estimated to be at least Sh1 billion. 

The mega shopping mall that is situated at the heart of the affluent Runda, Gigiri, Muthaiga and Nyali neighbourhoods spans  62,000m² – unseating the recently launched Garden City mall on Thika Road, which measures 50,000 square metres.

The development is located within the Nairobi’s diplomatic blue zone and is less than a 10 minutes drive from the UN Complex, the US Embassy and the Canadian Embassy.

Centum Investment’s Two Rivers Development has attracted $155 million (Sh14.3 billion) in new funding, including one of the biggest equity investments by a Chinese firm, Aviation Industry Corporation of China (Avic).

Avic, the main contractor for project, had invested Sh6.4 billion in Two Rivers for a 38.9 per cent stake – valuing the project at about Sh16.6 billion. 

“The investment by Avic is particularly noteworthy being one of the largest foreign direct investments in this region by a Chinese corporation into a private enterprise,” Centum said in a statement.

Centum also disclosed that state-owned investment firm ICDC, which also holds a 23 per cent stake in Centum, had made a Sh462.5 million equity investment while Co-operative Bank had contributed Sh7.2 billion in debt funding for the project.

The Two Rivers mall consists of medium density residential homes, a five-star hotel, office blocks and a shopping centre.

The project, which is managed by Athena Properties Ltd., will be compliant with international green standards, featuring luxurious residential apartments and low-rise office blocks being built by the China National Aero-Technology International Engineering Corporation (CATIC) and local sub-contractors.

In May last year, the firm disclosed that Paris-based Carrefour, the world’s second largest retailer after Walmart, had booked 10,000 square-feet at the Two Rivers.

 

Read more on:

Retail Property  |  Kenya Property Market  |  Nairobi Property Market  |  Garden City Mall  |  Carrefour  |  Two Rivers Mall  |  Centum Investment Group  |  Aviation Industry Corporation of China

Mon Tresor Business Gateway

  • Email to a friend Email to a friend
  • Print version Print version

Newsletter

Africa Property Investment News | Commercial & Residential Property | Real Estate and Construction News
News and promos in your inbox