Kigali Heights Developer Placed Into Insolvency Liquidation After Selling Its Only Asset
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Kigali Heights Development Company Ltd is being wound up after selling the Kigali Heights commercial complex to Yyussa Company in a deal valued at $31.8 million, with creditors given until October 10 to file claims.
Kigali Heights Development Company Ltd, the company that previously owned the Kigali Heights commercial complex in Kigali, has been placed into insolvency liquidation after selling its main and only property.
The complex was acquired by Yyussa Company in a transaction developers said was worth $31.8 million. The sale was announced in October 2024, and the company now enters a winding-up process with a liquidator appointed to deal with remaining assets, debts and other obligations before it is formally closed.
Liquidator Isaac Bizumuremyi told The New Times that the building was the only property the company owned. “Since it was the only property owned by Kigali Heights Development Company Ltd, the shareholders decided to close it down,” he said, adding that the company is now clearing outstanding debt obligations.
Creditors, who may include banks, suppliers, employees and others, have until October 10 to inform the liquidator of their claims, under Rwanda’s insolvency law, which sets out the liquidator’s responsibilities for reporting and handling the company’s affairs.
The liquidation concerns the company that owned the property rather than the Kigali Heights building itself. The commercial complex was completed in 2016 and opened for trading in December that year, hosting retailers, restaurants and other commercial tenants near the Kigali Convention Centre, and it remains owned by Yyussa Company.