Commercial Projects

Centum Inks Sh6bn Deal for Two Rivers Business Park

The funds will build a new office tower and furnish an existing one.

Updated on

June 21, 2024

Trific chief executive Brenda Mbathi. PHOTO | COURTESY

Centum Investment Company Limited has secured Sh6 billion from Vantage Capital to expand the workspace area at the Two Rivers Special Economic Zone.

Through its subsidiary Two Rivers International Finance and Innovation Centre (Trific) SEZ, Centum intends to use the funds to construct a 76,800 sq. m office tower and furnish an existing one located at its SEZ in Nairobi’s Gigiri area.

The project involves furnishing the existing Trific North Tower (14,975 sq. m), located next to the Two Rivers development, and constructing a new tower.

Trific North Tower has already been booked by 14 SEZ enterprises.

According to Trific’s chief executive, Brenda Mbathi, this is a strong vote of confidence in the business ecosystem they have built in just a short period.

“We are very excited to have been able to attract such an investment into our business. It is a strong show of confidence in the great opportunity that lies in the ecosystem we have created in a short time,” Ms Mbathi said earlier this week.

Trific SEZ occupies 64 acres, which constitutes over half of the total area of 106 acres at the Two Rivers development. It includes grade-A offices, residential areas, hospitality facilities, and social amenities.

The firm highlights that a key draw for SEZ enterprises entering its zone is direct access to the broader Two Rivers ecosystem. This includes homes, dining and lifestyle options, retail offerings, and entertainment venues.

Trific, which obtained SEZ status last year, is part of Kenya’s initiative to set up SEZs with a view to generating jobs and facilitating export-oriented investments.

Businesses approved to set up in a SEZ enjoy a raft of tax incentives, such as exemption from VAT, excise duty, import duty, and import declaration fees, as well as zero-rated VAT on local supplies.

The firms also enjoy a reduced tax rate: 10% for the first 10 years, 15% for the next decade, and 30% thereafter, as well as competitive infrastructure support.

Vantage Capital, an Africa-focused fund manager based in Johannesburg, South Africa, has raised more than Sh200 billion since its formation in 2001.