 |
| Imenti House in Nairobi |
Nairobi is one of the investment destinations in Africa. Imenti House in Nairobi. It is owned by a coffee union. Boniface Abudho, a research analyst for Africa at Knight Frank, told TUKO.co.ke that the real estate industry has experienced an upturn, with increasing investments in commercial real estate. “The average office occupancy rates have seen a notable uptick, with a year-on-year increase of 5%, climbing from 72% at the beginning of 2023 to approximately 77%. Despite fluctuations, the commercial sector emerges as the frontrunner in performance,” Abudho explained.Who owns Imenti House in Nairobi? Imenti House in Nairobi’s central business district is one of the city’s real estate investments. It made headlines after about 200 tenants were evicted, leading to speculation that it had been sold. However, NTV Kenya reported that its owners had denied selling it. The Meru Central Coffee Cooperative Union (MCCCU) owns the building. The union acquired it in 1975 at KSh 9 million through a loan borrowed from the Cooperative Bank of Kenya. According to MCCCU chief executive officer Duncan Marete, the coffee union still owns the building and took legal action against an anchor tenant who failed to meet rental obligations.”We have had a problematic anchor tenant who has not been paying the union for several years. The tenant, known as Shariff Mohamed, owes the union KSh 5.8 million. We got an order to have him auctioned and this is why the tenants who were under him have been affected,” Marete said. How much do Imenti House owners earn from rent? Bizna Kenya reported that the building earns the union an estimated KSh 8 million monthly rent. The union had previously declared plans to renovate Imenti House into a 25-storey structure in an attempt to increase revenue. Ephantus Majau is the chairman of MCCCU.
by Japhet Ruto
