Muguku Family Denies Reports of Planned Sale of Waterfront Karen Shopping Mall for Sh20 Billion

David Muguku, the managing director of The Waterfront Mall in Karen area has refuted reports that the property is up for sale.

“The Waterfront Karen Shopping Mall and its surrounding property remain to be a long-term investment whose main objective is to provide a conducive, safe, environmentally-friendly, and world-class shopping and lifestyle experience for the public,” Muguku said in a statement on Tuesday.

He added: “We would like to further inform the public that any information pertaining to the sale, if any, or any other matter would be issued by the management through official channels.”

His response came hours after Business Daily reported that the Muguku family was seeking to sell off the shopping mall and the 50-acre land on which it stands for Sh20 billion.

Citing multiple sources, the publication said that the family of the late tycoon Nelson Muguku was considering selling the property, hence the creation of a document profiling the mall.

The mall, which has 215,000 square feet of let space, is currently 66 percent occupied.

“The Waterfront is the only 50-acre bulk of land at the centre of Karen and its prestigious environs. The property features over 30 acres of undeveloped land; a goldmine that can be converted into an ultra-modern mixed-use development featuring high-end residential, commercial and recreational facilities – creating immense value for an investor. Karen is home to some of the most exclusive and high-profile residences in the country and continues to attract the wealthiest in society,” Business Daily quoted a document allegedly advertising the sale of the property.

 “The excellent location and expansive nature of The Waterfront makes it an ideal spot for international brands looking to tap into Kenya’s rapidly growing middle class.”

Muguku, who passed away in 2010, left behind a multibillion-shilling business empire built from poultry farming.