The Competition Authority of Kenya has approved the acquisition of Riverside Towers Limited, the company behind the iconic Cube property in Nairobi’s Riverside Drive, by Batian Income Properties LLP.
Riverside Towers Limited was majority-owned by the London Town Group of Companies, which held an 80% stake in the company.
According to its latest financial filings, the group had valued its investment in Riverside Towers at Ksh253 million as of June 30, 2024. The fixed asset was classified as a direct holding.
The Cube, the primary asset of Riverside Towers Limited, is a well-known Grade A commercial property located in Nairobi’s diplomatic and business area.
Riverside Towers in Nairobi
The building is home to several high-profile multinational tenants, including Emirates Kenya, the International Air Transport Association (IATA), DSM Firmenich, and NTT Global.
Rental income from the property totaled approximately Ksh60.3 million for the financial year ended June 30, 2024.
The acquisition gives Batian Income Properties LLP a foothold in one of the most sought-after office zones in Nairobi.
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The acquisition also signals a shift in the London Town Group’s ownership strategy, which has long invested in both hotel and property development ventures in the region.
The group reported a consolidated turnover of £26.8 million (approximately Ksh5.2 billion) for the year ended June 30, 2024, primarily driven by hotel operations and rental income from its real estate holdings in the UK and Africa.
The deal is expected to close in the coming months following completion of legal and regulatory formalities.
Major Acquisitions Across Energy, Insurance, and Real Estate
Earlier, CAK had approved five high-value mergers and acquisitions spanning energy, insurance, cement, real estate, and financial services.
In a notice published on September 26, 2025, the regulator stated that the transactions were vetted and found not to harm competition under Section 46(6) of the Competition Act, Cap. 504.
One of the deals is the takeover of Tullow Kenya B.V. by Auron Energy E&P Limited, an affiliate of Gulf Energy. The approval allows Auron to acquire 100 percent of Tullow Kenya’s issued share capital.
Tullow Oil confirmed on Friday that it had finalized the sale of its entire Kenyan business to Auron, officially marking its exit after 14 years of operations.
The British oil explorer disclosed that it received the first tranche of $40 million from a $120 million (Ksh15.5 billion) agreement. The proceeds will be used to strengthen its balance sheet.
Real Estate Sector
In the real estate development sector, Kashia Services Limited had been granted permission to acquire the entire issued share capital of Stonehill Developments Limited, a company renowned for its upscale residential and commercial developments.
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Kashia Limited, trading as Cashia, is a Limited Liability Company incorporated in Kenya, authorized and regulated by the Capital Markets Authority as a Payment Service Provider.
Stone Hill Kenya Limited is a prolific Trading House that deals with the supply of industrial automation and other associated systems covering equipment, spares, and the industry’s pre-requisite accessories and associated needs.
Batian Income Properties LLP was granted authority to acquire 100% of the issued share capital of Riverside Towers Limited, a company associated with prime commercial real estate in Nairobi’s Westlands and Riverside areas.
Batian Property Fund, managed by GenAfrica Asset Managers, is a real estate investment fund that pools investor capital to acquire and manage a portfolio of commercial, residential, and industrial properties, aiming to provide investors with returns from rental income and capital appreciation.
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