Connect with us

Diaspora

Sh5.5 Billion Gated Estate for Nairobi US Embassy Workers to be Completed by May

Published

on

By Olivia Mungwana.

According to the developer, a 90-unit gated community that will be occupied by staff affiliated to the US Embassy in Nairobi would be ready by May.

The American Embassy in Nairobi secured an eight-year lease deal to use the land for its employees.

Gateway Real Neighborhood Africa Ltd (GREA) and US-based Verdant Ventures are developing OBO Kenya Diplomatic Housing in Nairobi’s posh Rosslyn estate at a cost of Sh5.5 billion ($48.5 million).

Mauritius-based Grit Real Estate Income Group, which is in the midst of acquiring a majority position in GREA, revealed the estate’s delivery date. Grit will hold half of the housing project after the purchase.

“The construction of a 90-unit diplomatic apartment and townhouse community in Kenya fully tenanted by OBO, a division of the US State Department, is making good progress and is expected to be delivered by May 2022,” Grit’s financial statement for the half-year ended December 2021 stated this.

The project will include a clubhouse with a gym, swimming pool, and other amenities, as well as flats and townhouses.

It will be leased to the United States of America for an eight-year period at 100%. The US Embassy will pay $4.724 million in rent in the first year (Sh534 million), equating to at least Sh4.27 billion during the lease’s eight-year term.

The US Embassy will be the country’s first international mission to lease a gated estate for its employees.

READ ALSO  Obado's murder trials set to resume in July
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

AMG Realtors will deliver your Title Deeds anywhere in the world

You can easily own one of these

Like us on FB

Copyright © 2021 Kenya Satellite News Network. All Rights Reserved.