Old Mutual to buy further 40pc stake in TRLC

By ALLAN ODHIAMBO

A graphic of the 33 storey- UAP-Old Mutual Towers.

Real estate firm Knight Frank has announced commencement of leasing floors and parking spaces at the 33 storey- UAP-Old Mutual Towers.

The Competition Authority of Kenya (CAK) has approved a proposal by UK-based multinational Old Mutual to buy a further 40 per cent stake in the holding company of Centum’s Two Rivers Mall project.

The multinational invested Sh6.4 billion in Two Rivers Lifestyle Centre in the form of equity and convertible debt, giving it a 10 per cent stake and an option to turn the loan into an extra 40 per cent stake in the company.

“The transaction will see Old Mutual ultimately hold a 50 per cent stake in TRLC,” Centum said in a January statement when it disclosed the investment by Old Mutual.

The Two Rivers complex sits on a 100-acre property along Limuru Road near the affluent neighbourhoods of Runda, Nyari, Gigiri and Muthaiga.

The first phase of the Two Rivers, set on 55 acres, is expected to be complete by 2020