Business

Centum taps insider as new head of Real Estate arm as ex-boss quits


Companies

Centum faucets insider as new head of Real Estate arm as ex-boss quits


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Centum Real Estate Limited’s new managing director Kenneth Mbae. FILE PHOTO | NMG

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Summary

  • Centum Real Estate Limited has appointed Kenneth Mbae as its new managing director efficient 17 March 2022.
  • Mr Mbae, an insider on the funding firm Centum, takes over the function from Samuel Kariuki, who “has resigned to pursue other interests” the agency stated.  
  • Prior to this appointment, Mr Mbae served because the Chief working officer of Centum Re overseeing operations in Kenya and Uganda.

Centum Real Estate Limited has appointed Kenneth Mbae as its new managing director efficient 17 March 2022.

Mr Mbae, an insider on the funding firm Centum, takes over the function from Samuel Kariuki, who “has resigned to pursue other interests” the agency stated.  

Prior to this appointment, Mr Mbae served because the Chief working officer of Centum Re overseeing operations in Kenya and Uganda.

“Samuel will be leaving the organization in June 2022. As the outgoing managing director, he will remain available to work with Kenneth to ensure smooth transition and hand over process,” the agency stated in an announcement.

The appointment comes at a time the funding agency is mulling the sale of its actual property arm.

Centum final 12 months introduced that its actual property arm was seeking to increase Sh17 billion from an fairness cope with Luxembourg primarily based non-public fairness agency GEM Global Yield, as a part of a wider shift from debt.

The proposed transaction is anticipated to lead to main capital beneficial properties for the Nairobi Securities Exchange-listed agency moreover decreasing the focus of its belongings in the actual property sector.

“We are open to selling part or all of our stake in Centum RE. We are doing this to rebalance our portfolio which is currently concentrated in real estate,” James Mworia, Centum’s chief executive, said earlier.

“The money raised will be reinvested in marketable securities (stocks and bonds) and private equity to reach our allocation target in these two segments.”

The company earlier consolidated most of its most of its real estate ventures into Centum RE, comprising land and properties being developed in Nairobi County, Kilifi County and Uganda.

The investment firm, however, continues to hold Two Rivers Development Limited (TRDL) directly. TRDL in turn holds a controlling stake in Nairobi’s Two Rivers Mall.

Centum held 63.5 percent of its Sh47.5 billion worth of assets in the year ended March in real estate, overshooting its target maximum of 55 percent.



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