Biwott Family Sells Iconic Yaya Centre Mall to Wealthy Kantaria Family

The family of the deceased former Cabinet Minister Nicholas Biwott has sold the renowned Yaya Centre shopping complex to a group of investors in a private deal worth billions of shillings. 

Yaya Centre, situated in Kilimani, is one of the oldest and most exclusive shopping malls in Kenya and has been associated with Biwott for many years. Biwott, a billionaire politician and businessman, passed away in July 2017 leaving behind considerable properties both domestically and abroad. The affluent Rasik Kantaria family is part of the distinctive proprietors of the Yaya Centre shopping mall, an acquisition that bolsters their standing in the hospitality industry. 

The private transaction has involved the sale of both the shopping mall and the high-end Yaya Apartments and Hotel. Although the amount of the deal remains undisclosed, sources suggest it was valued at billions of shillings. In 1997, the High Court granted H.Z. Engineering and Construction Company, owned by Mr Biwott, ownership of the Yaya Centre following a legal battle by the Biwott's company to gain ownership of a shopping complex from the Central Bank of Kenya's Deposit Protection Fund Board. The dispute arose from the collapse of the Trade Bank, which was linked to Mr Biwott. The deal was not only based on the value of the land but also on the worth of the business which has maintained a high occupancy rate for many years and is therefore priced at a premium. 

Due to its close proximity to Nairobi's bustling central business district, Yaya Centre has consistently maintained a high occupancy rate of approximately 95%. Unfortunately, there have been few acquisition activities within the Kenyan shopping mall market making it challenging to establish the overall value of a buyout. Yaya Centre is one of Nairobi's pioneer shopping complexes, only comparable to Sarit Centre and The Mall in Westlands on account of its long-standing reputation and prime location. 

In 2020, the estate of the former minister sold their shares in oil marketing company KenolKobil to French multinational Rubis in a multi-billion-shilling transaction. The sale earned the estate, through Wells Petroleum Holdings Limited, Sh8.4 billion.