Real Estate firm Cytonn is set to buy Nairobi’s luxury hotel-cum-furnished apartments vendor Wasini Resorts.
The buyout was authorised by Competition Authority of Kenya through a Gazette notice last week.
This will see Cytonn acquire 100 per cent shareholding in Wasini Resorts.
The firm’s head of private equity (real estate), Shiv Arora, confirmed entering into discussions with luxury apartment owners but declined to divulge details.
“For Wasini, we are in discussions with the proprietor, however, transaction details remain undisclosed at this point in time. As developments occur, we shall keep you updated,” he said as quoted by a local daily.
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Arora says that the company is grabbing an opportunity presented by lack of a single furnished apartments’ operator especially within Nairobi’s Westlands, Kilimani and Upper Hill.
Cytonn is undertaking a serviced-apartment development of its own in Westlands to complement similar homes in Ridgeways. More furnished apartments are also under development at the 35-floor Cytonn Towers in Kilimani.
The firm, through its real estate arm Cytonn Real Estate, has 10 ongoing residential and commercial projects reportedly valued at Sh82 billion. It is also the 5th largest shareholder in regional lender, NIC Bank.
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