Veteran administrator Joseph Kaguthi. PHOTO | EVANS HABIL | NMG
Veteran administrator Joseph Kaguthi is among a group of Nairobi
investors putting in Sh7 billion into an 18-floor twin-block housing
project in Nairobi’s Westlands.
Mr Kaguthi’s investment
vehicle, Westlands Skye Development Limited, which brings together a
number of Nairobi professionals, is seeking to provide modern office
space for companies on one block and high-end homes on the other.
The
company’s seven directors have requested National Environmental
Management Authority (Nema) to approve the entire project, but indicated
the first phase will be the office block set to cost Sh375 million,
taking 36 months to complete.
The block located
opposite Citadel Plaza will have a three-star hotel on its first floor
and provide tenants with three basement levels to accommodate 120 motor
vehicles.
The regulatory filings show one of its
directors, IT millionaire Henry Njoroge, has since pledged to move his
company’s headquarter to the new facility upon completion.
Mr Njoroge is the chief executive officer of Xtranet Communications.
Other
promoters include Kenya School of Monetary Studies executive director
Prof Kinandu Muragu, Kenya Tea Development Agency director Joseph
Wakimani, financial and tax consultant Catherine Ngurani, investment
consultant Nguru Mutegi and audit firm WIA partner Joseph Irungu.
Westlands
Skye Development, a has an authorised share capital of Sh1,100,000
comprising 11,000 ordinary shares mainly subscribed by two limited
liability companies—Karimari Ltd and Dominion Securities Ltd.
Mr
Kaguthi is former Provincial Commissioner for the defunct Nairobi and
Nyanza provinces. He’s currently chairman of the government-backed
community policing or Nyumba Kumi system.
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