Biwott family sells iconic Yaya Centre mall to Kantaria family in billions of shillings deal.
The Nicholas Biwott family has sold the Nairobi Yaya Centre shopping complex to a consortium of investors for billions of shillings.
The Kilimani complex is one of Kenya’s oldest premium shopping malls and has been linked to former Cabinet Minister Nicholas Biwott, a billionaire politician and businessman.
Biwott died in July 2017, leaving behind prime real estate in Kenya and abroad
The wealthy Rasik Kantaria family is one of the new Yaya Centre owners, expanding their investment in the hospitality industry.
The transaction was valued in billions of shillings, according to sources familiar with the transaction and publicly available information.
In 1997, the High Court granted H.Z. Engineering and Construction Company, owned by Biwott, ownership of the Yaya Centre after a court battle.
The sale of Yaya Centre marks a significant wealth distribution to the Biwott family heirs, who also liquidated the former minister’s shareholding in oil marketing company KenolKobil to French multinational Rubis in another multi-billion-shilling transaction.
