Sanlam Kenya puts up Sh1.1 billion properties for sale

Sanlam House on Nairobi’s Kenyatta Avenue. FILE PHOTO | NMG

By VICTOR JUMA

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Summary

• Sanlam Kenya is selling Sanlam House - which is on Nairobi’s Kenyatta Avenue, as well as its Loresho Building and Grevilia House.
• The company anticipates that sale will help boost its bottom line at end of financial year.

Sanlam Kenya has put up three of its properties, including its current head office on sale, with the insurance firm expecting to receive a total of Sh1.1 billion from the disposals.

The firm’s earnings for the current year ending December could be boosted if significant gains are realised from the asset sales.

Besides the head office- Sanlam House - which is on Nairobi’s Kenyatta Avenue, the company is also selling its Loresho Building and Grevilia House.

Sanlam House has the highest price tag of Sh605 million, followed by the other two properties, which could fetch an aggregate of Sh540 million.

Sale of its current head office comes after the company built a new 18-storey headquarters on Nairobi’s Waiyaki Way at a cost of Sh2.7 billion.

“The board of directors of Sanlam Kenya Plc, have approved the sale of Sanlam House, Loresho Building and Grevilia House,” the Nairobi Securities Exchange-listed firm says in its latest annual report.

“Sanlam House is actively being marketed and the directors believe the sale of the property will be completed by the end of 2018. At year end, there were existing sale agreements for Loresho Building and Grevilia House, but this did not qualify to be accounted for a sale and hence disclosed as held for sale.”

The company says the properties were valued in December by consultancy firm Knight Frank.

The insurer plans to move its office to Sanlam Tower in the course of the year