Ufundi Co-op Plaza To Be Sold To Clear Ksh 254 Million Debt

Ufundi Cooperative Plaza is set to be sold. The 14-story high-rise building in Nairobi Central Business District will be sold to clear a debt of 254 million shillings.

The selling brings to an end an 11-year-old disputeJustices Eric Obaga, Kossy Bor, and Bernand Oboso of the Environment Court resolved an 11 years dispute between Ufundi Savings and Credit Co-operative Society Limited and its 14,999 members.

The building is in an approximate lettable area of 49,000 sq. ft. The sale with a leasehold title of 99 years with effect March 1, 1998.

Read More: Bolt Now Valued At $8.4 Billion In New Series Funding

As per the court documents, the land and the plaza co-owned by the SACCO and the members should be sold and the proceeds should be shared after clearing the 254 million shillings debt owed to Co-operative Bank. The SACCO is meant to get 58.88 percent while the members get 49.12 percent of the proceeds.

“Bidders participating in this tender will be required to pay a non-refundable fee of Ksh 10,000 for the tender documents,” the notice reads.

The documents will be received on or before Feb 3, 2022, at noon with their opening being carried out on the same day at 1.00 pm at the Ufundi Sacco Boardroom.

Read More: Kenya Receives Sh. 680M from UN for Underfunded Humanitarian Crises