Waterfront Karen Heads for Sh9bn Sale as Mall Boom Slows
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The Muguku family is in advanced talks to sell The Waterfront Karen Mall in Nairobi for up to Sh9 billion as investors reassess large shopping-centre investments amid a slowdown in Kenya's retail property boom.
The family of late billionaire Nelson Muguku is in advanced talks to sell The Waterfront Karen Mall in a transaction that could fetch up to Sh9 billion, according to sources familiar with the matter.
Ken Obimbo, the property's manager, recently confirmed that the sale process is underway, stating that the family believes it has a serious buyer. However, he noted that certain conditions still need to be met before the transaction is completed.
The move comes as investors reassess large shopping centres that once attracted billions of shillings in development capital during Kenya's retail property boom. For the Muguku family, the sale marks a reversal of the investment strategy adopted a decade ago when it reduced exposure to listed equities and channelled capital into property.
That earlier shift helped create The Waterfront Karen Mall, which was built by CJRE East Africa, a subsidiary of China Railway Group, at a cost of Sh3 billion. The prospective Sh9 billion sale price would represent a significant return on that original investment.