Who Really Owns One of Nairobi’s Oldest Malls, Greenspan?

Greenspan Mall is situated in Donholm, Embakasi East constituency, Nairobi. It is among the oldest shopping malls in Kenya, and some of its clients include Tusky’s Supermarket, Ecobank, Standard Chartered Bank, National Bank, Bata, Chicken Inn, and Pizza Inn.

As of June 2020, the Mall was owned by South Africa Stanlib Investments through its investment vehicle ILAM Fahari I-Reit, famously known as The REIT Manager.

ILAM Fahari I-REIT was the first NSE-listed real estate investment trust in Kenya, owning and managing income-generating real estate for the benefit of its investors.

The company provides regular distributions to investors, underpinned by commercial leases, and allows anyone to invest in a portfolio of large-scale properties.

Greenspan Mall Purchase

ILAM Fahari I-REIT, managed by ICEA Lion Asset Management (ILAM), acquired Greenspan Mall in July 2015.

It had identified the mall as the main property for its listed Real Estate Investment Trust (Reit) offered to the public two months ago.

The transaction was estimated to take Ksh2 billion of the Ksh3.6 billion raised during the initial public offering.

The deal marked one of the first major acquisitions by the listed real estate trust, which invests in income-generating properties to deliver returns to its unit holders.

Also Read: Big Names Behind Nairobi’s Sifa Tower Ownership

The acquisition was completed through a share purchase agreement, whereby the REIT gained full control of Greenspan Mall Limited, the company that owns the assets and adjacent parcels of land.

This made Greenspan Mall one of the flagship properties in Fahari’s investment portfolio, alongside other commercial and retail properties.

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Operations in Kenya

ILAM Fahari I-REIT is one of the oldest companies in Kenya, having been in operation for over 35 years.

It is licensed by the Capital Markets Authority and currently manages assets exceeding Ksh200 billion.

ILAM Fahari I-REIT mainly invests in Retail shopping centers, Mixed-use developments, commercial offices, industrial warehouses, hotels and resorts, residential buildings, and specialized buildings such as students’ accommodation and hospitals.

Also Read: Who Owns Iconic FCB Mihrab Building in Nairobi

Other Properties

The company also owns Signature International, Bay International, and 67 Gitanga.

However, in 2020, the Standard reported that Fahari I-REIT had announced it was selling its Kenyan operations to the Philip Ndegwa family through ICEA Lion Asset Management.

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