JKUAT seals a Ksh 1.85 Billion Deal To Acquire ICEA Building

The ownership of the iconic ICEA building in Nairobi CBD is now in the hands of Jomo Kenyatta University of Agriculture and Technology (JKUAT) in a deal worth Ksh 1.85 Billion.In late February this year,Kenya’s National Treasury had approved the acquisition of the property by Jomo Kenyatta University of Agriculture from ICEA Lion Group.The original offer from Knight Frank Ltd, acting on behalf of ICEA, was Sh2 billion. However, Prof Imbuga said the university has since negotiated the purchase price downwards to Sh1.85 billion.

The ICEA building which was owned by ICEA Lion Group sits on 0.674 acres of land along Kenyatta Avenue and has a gross lettable area of 163,788 square feet and 113 car park bays.The Ksh. 1.85 Billion investment which houses some of Nairobi’s major corporates like

-Hamilton Harrison & Mathews Advocates

-Prudential Life Assurance Kenya Ltd

-Kobil Petroleum Limited,

-AAR Health Services Limited

GNLD International Ltd

-Nairobi Securities Exchange Brokers=Standard Investment Bank and Kestrel Capital

-National Bank among others,-

The building was acquired by JKUAT on October 24, 2015, and has moved her CBD Campus from Pension Towers to occupy 11th to 14th floor.jkuat

“The acquisition of the building comes at a time when there is an immense demand of Post-graduate studies especially in the field of Business and Information Technology (IT) related programmes. JKUAT hopes the purchase will be instrumental in filling this gap and strives to produce highly qualified individuals, consequently improving the economy of the country,” said the Vice Chancellor during the Handover.

Source; ( Kenyanwallstreet,JKUAT)