Nakumatt Kicked Out Of Karen Waterfront Deal By South Africa’s ‘Game’

Game Africa, a South African retail chain will be opening its second outlet in Kenya at the multi billion Karen Waterfront in 2018.

The retailer will be replacing a struggling Nakumatt as the mall’s anchor tenant.

Game’s first outlet in Kenya was at the Garden City Mall where it is the mall’s second major anchor tenant.

Game Africa is a fully-owned subsidiary of Massmart Holdings which in turn is 51 per cent owned by American retail giant, Walmart.

Nakumatt has been faced with challenges and debts amounting to over Sh15 billion.  The retailer has been forced to close most of its outlets across Kenya, Uganda and Tanzania; the most recent closure being of Nakumatt Diani over rent arrears.

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The once East Africa’s thriving supermarkets chain was also kicked out of Thika Road Mall where it was the anchor tenant, and only recently replaced by CarreFour.

The retailer is slowly making a come back after entering into a deal with Tuskys which is set to pump Sh650 million into Nakumatt and recurring payment guarantees of between Sh1.5 billion and Sh3 billion for the outstanding debt.

The deal is yet to be approved by Competition Authority of Kenya.

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