The construction of a 90-unit gated estate that is set to be occupied by personnel attached to the US Embassy in Nairobi will be completed by May, according to the developer.
The American Embassy signed an eight-year agreement to lease the estate for its workers in the Kenyan capital.
Dubbed OBO Kenya Diplomatic Housing, the estate is being developed in Nairobi’s affluent Rosslyn estate by Gateway Real Estate Africa Ltd (GREA) and US-based Verdant Ventures at a cost of Sh5.5 billion ($48.5 million).
The delivery date for the estate was disclosed by Mauritius-based Grit Real Estate Income Group, which is in the process of taking up a majority stake in GREA. After the acquisition, Grit will own half of the housing project.
“The construction of a 90-unit diplomatic apartment and townhouse community in Kenya fully tenanted by OBO, a division of the US State Department, is making good progress and is expected to be delivered by May 2022,” said Grit in its financial report for the half-year ended December 2021.
The development will consist of a combination of apartments and townhouses, and a clubhouse with gym, swimming pool and other amenities.
It will be 100 percent leased to the United States of America for a term of eight years. The US Embassy will pay $4.724 million (Sh534 million) in rent in the first year, translating to at least Sh4.27 billion over the eight-year life of the lease.
The US Embassy will be the first foreign mission in the country to lease a gated estate for its members of staff.