NSE-listed investment company Centum is building what is tipped to be the largest shopping mall in Kenya on its 100 acres of land in Runda, Nairobi.
Dubbed Two Rivers, the shopping complex that is situated at the heart of the affluent Runda, Gigiri, Muthaiga and Nyali neighbourhoods, will occupy a total of 58,000 square metres – unseating the upcoming Garden City mall along Thika Road at 50,000 square metres.
The development is located within the Nairobi’s diplomatic blue zone and is less than a 10 minutes drive from the UN Complex, the US Embassy and the Canadian Embassy.
The Two Rivers shopping mall, which is slated to open in October next year, is part of a Sh60 billion mixed-use real estate development that is being undertaken by Centum on a parcel of land that was acquired from the Koinange family in a transaction estimated to be at least Sh1 billion.
“We are in the process of converting Two Rivers into a Development Real Estate Investment Trust (D-REIT) and we have so far secured interest for funding of over Sh14.45 billion in equity and long-term debt from local and institutional investors,” said Centum in its half-year results ended September 30.
Scheduled for completion next year, the Two Rivers development will consist of medium density residential homes, a five-star hotel, office blocks and a shopping centre.
The development is being executed in phases and it will have a total floor area of about 830,000 square metres on completion.
On Monday, the firm disclosed that Paris-based Carrefour, the world’s second largest retailer after Walmart, had booked 100,000 square-feet at the Two Rivers shopping mall.
Centum CEO James Mworia said: “Majid Al Futtaim will be one of the tenants at our mall, bringing the Carrefour franchise.”
The retailer stocks over 20,000 products including household appliances, clothing, fresh produce and electronics.
Mr Mworia said that half of the mall’s space had already been booked, mainly by international retailers.