Commercial Projects

Shah Family to Build Sh3bn Hospital in Nairobi Complex

World Trade Centre Hospital will be located within the Nairobi Business Park.

Updated on

September 28, 2023

WTC Hospital Nairobi — An impression of the World Trade Centre Hospital. PHOTO | COURTESY

The Suresh Bhagwanji Shah family is building a five-storey hospital within the Nairobi Business Park, which they acquired last year for about Sh2 billion.

The facility, to be known as the World Trade Centre Hospital, will be located within the Grade A office complex on Ngong Road, Nairobi.

It neighbours the Ngong Race Course and Golf Park, Ngong Road Forest Sanctuary, and Nairobi War Cemetery to the southeast, residential buildings to the north and commercial buildings to the west.

According to environmental assessment filings, the project will involve the construction of a multi-specialty hospital with a bed capacity of 150.

It will feature two basement floors, a ground floor, and five upper floors.

Sh3.24 billion

The total estimated cost for the proposed World Trade Centre Hospital is Sh3.24 billion, inclusive of 16% Value Added Tax (VAT).

“The proponent, NBP Holdings Limited, proposes to set up a multi-specialty hospital on an approximately 2.5 acres piece of land on Plot L.R. No. 24861/1 (Nairobi Block 149/1351) within the Nairobi Business Park,” reads the filings.

The Nairobi Business Park, owned by NBP Holdings Limited, occupies a 16-acre parcel of land that was acquired by private equity firm Actis from the Jockey Club of Kenya to develop the complex that was completed in 2002.

In 2015, Actis sold its stake in the development for an undisclosed amount.

Two and a half years later, the property, held under NBP Holdings Limited, was listed for sale with an asking price of Sh2.6 billion.

The Shah family, one of the wealthiest families in Kenya, acquired it through their investment entity MTZ Holdings, which is controlled by three firms: Minard Holdings, Tecoma Limited, and Ziyungi Limited.

The three firms also hold a significant stake in the I&M Group and have directors that include Suresh Bhagwanji Raja Shah, one of the I&M bank’s founders.

In January, the Competition Authority of Kenya granted its nod for MTZ Holdings Limited to acquire the complete issued share capital of NBP Holdings Limited.

This deal, though not disclosed, was said to surpass Sh2 billion, based on the previous listed price and past transactions involving the same property.

Medical hub

Nairobi has become the medical hub for the East African elite, attracting individuals from across the region in pursuit of premium healthcare services.

This demand has not escaped the notice of shrewd investors, who are injecting substantial capital into the city’s thriving healthcare sector.

For instance, Aga Khan Hospital, which manages 49 medical centres in Kenya and three in Uganda, is currently engaged in an expansion initiative that has become highly profitable for real estate stakeholders.

Conversely, AAR Hospital recently inaugurated its new 140-bed facility on Kiambu Road, complete with four operating theatres and a 12-bed Intensive Care Unit.