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UK Fund Injects Sh2bn into Nairobi Business Park
Phase one of the Nairobi Business Park was officially opened in 2004.
London-based private equity fund Actis is investing Sh1.85 billion in the construction of the second phase of the Nairobi Business Park along Ngong Road in Nairobi.
The new office park, which will comprise six office blocks, will create an additional 15,000 square metres of floor space for letting upon completion in mid or late 2013.
Phase one of the Nairobi Business Park, which consists of 8,000 square metres of commercial space, was brought to the market by Actis and Mentor Management in 2004.
According to Mentor Management CEO James Hoddell, the decision to invest in phase two of the project was motivated by the ongoing infrastructural improvements in Nairobi.
“We’re doing this mainly due to the phenomenal progress which is being made by the Kenyan government in upgrading the roads and infrastructure in the area,” he said.
The Nairobi Southern by-pass, which is due for completion in mid-2015, will ease existing traffic pressure from Ngong Road – which is being upgraded into a dual carriageway.
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The first two phases were designed by Triad Architects. The design comprises Grade A building specifications which will help reduce service charges for tenants.
“The development features the latest designs, smart planning, and sustainable design aimed at providing tenants with a safer and greener working environment while bringing down the cost for every user,” said Hodell.
“Phase two of Nairobi Business Park is embracing green building by focusing on sustainable strategies that will be certified by the LEED International Sustainable Rating System,” he said.
According to the developer, two of the new blocks Aintree and Newmarket are similar to the existing business park building designs while Ascon – a new design – overlooks a landscaped park with prominent water features and retail and leisure facilities.
Actis has a portfolio worth over Sh21 billion in real estate private equity in sub-Saharan Africa. The firm recently announced its plans to build a Sh12 billion mixed-use development dubbed Garden City along Thika Road.
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