Old Mutual’s property division, Old Mutual Property (OMP) has invested Kenya Shillings 6.4 Billion in Two Rivers Lifestyle Centre (TRLC), the holding company for the Two Rivers Mall, in a landmark deal that was arranged solely by Nabo Capital. This transaction implies a total asset valuation for the mall of approximately KES 23 Billion. OMP has made the investment via a subscription for a 10% shareholding of TRLC in newly issued stock and a loan that is convertible into an additional 40% shareholding, subject to the Competition Authority’s approval. The transaction will see OMP ultimately hold a 50% stake in TRLC.

“This deal is a very important affirmation ofthe investment-grade quality ofthe Two Rivers Mall. A private transaction of this magnitude by a reputable international investor of OMP’s stature is also a firm vote of confidence in Kenya and the region as an investment destination.” stated Pius Muchiri, Nabo Capital Managing Director.

Related Story; Kenya’s Top 10 Real Estate Projects Of 2015 http://bit.ly/1Mplmv5

The Two Rivers Mall, sitting on 10.2 acres, is part of the larger 102 acre master-planned Two Rivers Development. The development constitutes 851,000m2 of bulk space and is destined to be a world-class destination. It includes a 3 star hotel being undertaken by City Lodge Hotel, an office building developed by Victoria Commercial Bank,a 5 star hotel and residential apartments that are in various stages of development.

However,the shareholding in TRDL will remain unchanged post this investment by OMP into the mall with Centum continuing to hold a controlling stake of 58% , AVIC 38% and the balance held by ICDC. The transaction marks the first foray of the Old Mutual Group into the retail property sector in East Africa and represents OMP’s largest real estate holding outside of South Africa.

“The Two Rivers Mall fits in well with the Old Mutual Group’s strategy of investing in high quality retail focused assets in East Africa and reinforces our commitment to and investment in Kenya,” said Peter Mwangi, CEO of UAP Old Mutual in East Africa.

Source; Centum

Old Mutual’s property division, Old Mutual Property (OMP) has invested Kenya Shillings 6.4 Billion in Two Rivers Lifestyle Centre (TRLC), the holding company for the Two Rivers Mall, in a landmark deal that was arranged solely by Nabo Capital. This transaction implies a total asset valuation for the mall of approximately KES 23 Billion. OMP has made the investment via a subscription for a 10% shareholding of TRLC in newly issued stock and a loan that is convertible into an additional 40% shareholding, subject to the Competition Authority’s approval. The transaction will see OMP ultimately hold a 50% stake in TRLC.

“This deal is a very important affirmation ofthe investment-grade quality ofthe Two Rivers Mall. A private transaction of this magnitude by a reputable international investor of OMP’s stature is also a firm vote of confidence in Kenya and the region as an investment destination.” stated Pius Muchiri, Nabo Capital Managing Director.

Related Story; Kenya’s Top 10 Real Estate Projects Of 2015 http://bit.ly/1Mplmv5

The Two Rivers Mall, sitting on 10.2 acres, is part of the larger 102 acre master-planned Two Rivers Development. The development constitutes 851,000m2 of bulk space and is destined to be a world-class destination. It includes a 3 star hotel being undertaken by City Lodge Hotel, an office building developed by Victoria Commercial Bank,a 5 star hotel and residential apartments that are in various stages of development.

However,the shareholding in TRDL will remain unchanged post this investment by OMP into the mall with Centum continuing to hold a controlling stake of 58% , AVIC 38% and the balance held by ICDC. The transaction marks the first foray of the Old Mutual Group into the retail property sector in East Africa and represents OMP’s largest real estate holding outside of South Africa.

“The Two Rivers Mall fits in well with the Old Mutual Group’s strategy of investing in high quality retail focused assets in East Africa and reinforces our commitment to and investment in Kenya,” said Peter Mwangi, CEO of UAP Old Mutual in East Africa.

Source; Centum