- Nairobi is one of the investment destinations in Africa, with office rental rates recording a significant increase of up to 77%
- Imenti House in downtown Nairobi is one of the city's investment properties and the building hit the headlines after the tenants were given notice to vacate.
- The building is owned by the Meru Central Coffee Cooperative (MCCCU), which bought it in 1975 for KSh 9 million
Nairobi is one of the investment areas in Africa.
Source: Twitter
Boniface Abudho, Africa research analyst at Knight Frank, said TUKO.co.ke that the real estate sector has experienced changes, due to increased investment in commercial real estate.
“Average office occupancy rates have increased, with a year-on-year increase of 5%, from 72% at the beginning of 2023 to approximately 77%. Despite the decline in value, the business sector is emerging as the front line in performance,” Abudho explained.
Who is the owner of Imenti House in Nairobi?
Imenti House in downtown Nairobi is one of the best real estate investments.
the building hit the headlines after about 200 tenants were given notice to leave, leading to speculation that the building has a new owner.
However, NTV Kenya reported that its owners denied claims of selling it. Meru Central Coffee Cooperative Union (MCCCU) owns the building.
The union acquired it in 1975 for KSh 9 million through a loan borrowed from the Cooperative Bank of Kenya.
According to MCCCU chief executive officer Duncan Marete, the coffee association still owns the building and took legal action against the tenant who failed to fulfill the lease obligations.
“We have had a problematic tenant who has not paid the association for several years. The tenant known as Shariff Mohamed owes the association KSh 5.8 million. We got an order to be auctioned and this is why the tenants under him have been affected,” Marete said.
How much do Imenti House owners get from rent?
Bizna Kenya reported that the building provides the union with rent of KSh 8 million every month.
The union had earlier announced plans to renovate Imenti House into a 25-storey structure in an attempt to raise revenue.
Ephantus Majau is the chairman of MCCCU.
Other luxury buildings in Nairobi
Prominent buildings in Nairobi's central business district are KICC, Nyayo House, Times Tower and Afya Centre.
KICC is a government organization which was established under the Tourism Act 2011.
A dispute over the ownership of the prestigious building erupted two decades ago after the former ruling party, KANU, claimed some of its properties.
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Source: TUKO.co.ke
