Waterfront To Be Sold At Ksh 20 Billion, But The Family Says No

Word has it that the family of business mogul Nelson Maguku is planning to sell the high-end Waterfront at a cost of 20 billion shillings in one that has been described as one of the highest asking price in the sector for many years.

The Waterfront sits on 50 acres of land and the buyer, upon purchasing the complex, will acquire the land as well. Analysts say that the family is eying to exit the real estate business as the Covid-19 pandemic continues to impact negatively on businesses.

The family, in a small advert, says that they will close the deal as soon as they get the said offer. Waterfront is one of the largest investments the family has made after divesting from Equity Group.

In 2006, the family sold its shares in Equity Group for 4 billion shillings after the bank was listed at the Nairobi Securities Exchange (NSE). They dropped out of Equity Group and ventured into real estate, kicking off with Waterfront.

The family business is one of those that have been hit hard by the Covid-19 pandemic that has seen many tenants shut down and terminate contracts. The anchor tenant was Shoprite, a South African retailer. The retailer, however, terminated the contract 5 months after moving in.

One of the most popular and scenic shopping destinations in the City, the Waterfront Mall consists of over 215,000 sq. ft of lettable space, 66% occupied as of February 2020 The basement is a lettable space of 1,400 sq. ft – 255 parking bays, 14 storage rooms, a management office, shops, utility rooms, and washrooms.

The Ground floor is a lettable space of 122,000 sq. ft – 2 large retail areas, restaurants, and retail stores, while the first floor is also a lettable space of 95,000 sq. ft – Fine dining restaurant spaces, shops, and utility stores.

The mall overlooks over 700 parking bays, a 3.5-acre man-made lake from which it derives its name “The
Waterfront and expansive scenic greenspaces.

But in a dramatic turn of events, the family has disputed claims that it is selling the property saying the sentiments “flying on social media are lies.” This has left many asking who had prepared the advert that ran on many media outlets.

“We would like to inform the public that any information pertaining to the sale of the property, if any, or any other matter would be issued by the management through official channels,” said the family in a statement to the media.