Two Rivers Mall is the largest shopping center in East Africa, covering 65,000 square meters. It is located along Limuru Road in Ruaka, Nairobi.
The mall opened on February 14, 2017, overtaking Garden City Mall, which was the largest in the region at 50,000 square meters.
Two Rivers is part of the Ksh25.1 billion mixed-use projects being undertaken by Two Rivers Lifestyle Company on a parcel of land measuring 102 acres.
Initially, the mall was set to cover 1.2 million square feet, but this was increased to 1.7 million.
Two Rivers Lifestyle Company aimed to expand the lettable space from 460,000 square feet to over 700,000 square feet.
The land was purchased from the Koinange family.
Who Owns Two Rivers Mall
The Mall is owned by Two Rivers Lifestyle Company Limited. The company has two shareholders: Two Rivers Development Limited and Old Mutual Property (OMP).
Each shareholder holds a 50 per cent stake in the mall.
Two Rivers Development Limited has three shareholders: Centum Investment (58 per cent), Aviation Industry Corporation of China – AVIC International (39 per cent), and Industrial and Commercial Development Corporation (ICDC) (3 per cent).
Businessman Chris Kirubi, who passed away in 2021 at age 80, owned a 31 per cent stake in Centum Investments.
This stake is now held by his son, Robert Kirubi, and daughter, Mary-Ann, who inherited 80 per cent of his fortune, including stakes in KCB Group, Haco Industries, and Bendor Estate Limited, among several other businesses.
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AVIC & ICDC Shares
In 2015, AVIC International invested $70 million in equity into the project, while ICDC provided $5 million in equity.
AVIC International is the main contractor for the project.
Additionally, local debt funding of $80 million was secured from the Co-operative Bank of Kenya.
Centum also announced that AVIC invested Ksh6.4 billion in Two Rivers back in 2015, increasing its stake to 38.9 percent and valuing the project at about Ksh16.6 billion.
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Old Mutual Stake
OMP invested Ksh6.4 billion in Two Rivers Lifestyle Centre (TRLC), the holding company for the Two Rivers Mall.
The landmark deal was arranged solely by Nabo Capital.
This transaction implies a total asset valuation for the mall of approximately Ksh23 billion.
OMP invested in a subscription for a 10% shareholding of TRLC in newly issued stock and a loan that is convertible into an additional 40% shareholding.
“The Two Rivers Mall fits in well with the Old Mutual Group’s strategy of investing in high-quality retail-focused assets in East Africa and reinforces our commitment to and investment in Kenya,” said Peter Mwangi, CEO of UAP Old Mutual in East Africa.
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