South African Vantage Capital on Wednesday bought a Sh800 million stake in the Rosslyn Riviera Shopping Mall that sits on 4.5 acres.
Vantage Capital associate partner Mokgome Mogoba said his firm was attracted to the mall due to its location in an affluent suburb, and high-end tenants that gave it the right characteristics for an investment.
“It is located in a prime affluent area in Nairobi at Rosslyn and near Runda while enjoying direct access to a major highway, giving its tenants, Chandarana Supermarkets, Java House, News Café and Nairobi Hospital, among others, excellent visibility,” he said.
Thaara Ltd director-chief executive Peter Gethi welcomed the investment saying as the developers, the partnership with Vantage Capital raises the stature of the investment.
Rosslyn is the seventh investment for Vantage after it raised Sh2.8 billion in the third round with 55 per cent of the funds committed to investments outside South Africa.
Werksmans Attorneys and Bowmans Kenya acted as legal counsel to Vantage in South Africa and Kenya respectively while Thaara was advised by the Meghraj Capital, I&M Burbidge Capital and Hamilton Harrison & Mathews.
“This investment in a leading retail property development in the heart of Nairobi demonstrates Vantage Capital’s commitment to Kenya and the East African region as a whole,” said Mr Mogoba.
Vantage manages funds in excess of Sh50 billion invested in projects across Africa.