The Competition Authority of Kenya (CAK) has unconditionally approved the proposed acquisition of 100% of the issued share capital of Riverside Towers Limited by Batian Income Properties LLP.
In a statement issued on October 9, 2025, the Authority stated that the transaction is unlikely to negatively affect competition in Nairobi County’s real estate and rental office space market or raise any public interest concerns.
“The transaction is unlikely to negatively impact competition in the market for real estate, rental office spaces segment in Nairobi County, nor elicit negative public interest concerns,” CAK stated.
CAK Details the Acquisition
Batian Income Properties LLP, the acquiring entity, is a Kenyan-based real estate fund with diverse investors engaged in projects across Nairobi and Machakos counties, including educational developments.
Riverside Towers Limited, the target company, is the developer and manager of The Cube, a commercial office complex located in Westlands, Nairobi County. The acquisition involves Batian purchasing all the issued shares of Riverside Towers.
CAK noted that the transaction would allow current shareholders to redirect their investments while supporting Riverside Towers’ operational expansion, which had been constrained by limited shareholder capital.
Regulatory Threshold and Market Analysis
The Authority confirmed that the transaction qualifies as a merger under Sections 2 and 41 of the Competition Act (Cap 504, Laws of Kenya), which requires prior approval for mergers exceeding a combined asset or turnover threshold of KSh 1 billion.
The relevant product market was defined as real estate office rental space, while the relevant geographic market was identified as Nairobi County.
“The Nairobi real estate market remains vibrant and highly competitive, comprising large-scale developers, mid-sized firms, and niche players,” the Authority noted.
Market Share and Competition Outlook
According to the CAK analysis, Riverside Towers holds approximately 6 percent of the Nairobi commercial property market, while Batian Income Properties has around 2 percent.
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Post-merger, the combined market share will stand at 8 per cent, a level deemed too low to distort competition.
“The merged entity’s market share of 8 per cent will not raise competition concerns, given that other players collectively control 92 per cent of the Nairobi market,” the Authority added.
The Authority listed Knight Frank Kenya Ltd., HassConsult Real Estate Ltd., Pam Golding Properties, VAAL Real Estate, Dunhill Consulting Ltd., and Azizi Realtors among the major players in the city’s office property segment.
About the Riverside-Batian Transaction
The acquisition is expected to facilitate the continued operation and potential expansion of The Cube in Westlands, enhancing competitiveness within the Nairobi office space market.
CAK’s unconditional approval now allows Batian Income Properties LLP to proceed with the acquisition in line with regulatory provisions under the Competition (General) Rules, 2019.
About The Cube Riverside Towers
The Cube is a Grade A office complex located along Riverside Drive in Westlands, Nairobi.
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Developed by London Town Group and completed in late 2022, the building provides over 77,000 square feet of premium office space serving corporate tenants, embassies, NGOs, and financial institutions.
It is designed to international standards, featuring Advanced EDGE green building certification and incorporating solar installations, energy-efficient systems, and water conservation technology.
The complex features multiple basement parking levels and provides convenient access to key business districts, positioning it among Nairobi’s modern, eco-friendly commercial developments.
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