FORMER KENYAN'S PRESIDENT SELLS UNION TOWERS FOR KSH.800 MILLIONON

Former president Mwai Kibaki has sold one of the jewels of his vast business empire in a multi-million-shilling deal that affirms the position of real estate as one of Kenya’s most lucrative sectors.

Mr Kibaki has sold Union Towers, the 14-floor building in central Nairobi, to Mt Kenya University (MKU) for Sh800 million, making it one of the priciest real estate transactions this year.

MKU founder and chairman Simon Gicharu said the closing of the deal brings to an end a three-year bidding process and paves the way for the establishment of the institution’s Virtual Learning Centre.

“We have been pursuing avenues to strengthen our virtual learning programmes and will be using the premises to coordinate it,” said Mr Gicharu, adding that the transaction was closed for Sh800 million and financed through long-term debt from a local lender.