Private equity firm Actis has launched construction work on the second phase of the Nairobi Business Park
Actis has injected US$22mn into the development, of which the first 8,000 square metres area was completed in 2004. The second phase will include the construction of six new office blocks to create an additional 15,000 square metres of commercial space for letting. It has been scheduled for completion by the end of 2013.
The development will sit on the same piece of land as Ngong Racecourse. The private equity firm has also financed the construction of The Junction Mall, located on Ngong Road.
Actis investment principal, Koome Gikunda, had said in an earlier interview, “Kenya is currently undergoing rapid urbanisation and infrastructural development which has stimulated activity in real estate and other sectors.
“It is also the hub into East Africa region, opening access to a population of more than 120mn people who will need everything from food, housing to workspace.”
According to property services firm Knight Frank, the entry of growing number of multinational companies into Africa has boosted demand for high quality office space and attracted international developers to cities such as Lagos and Nairobi.
