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