Insurance firm deepens footprint in regional property sector

Thursday October 24 2013

By NEVILLE OTUKI

Monitor correspondent
Nairobi.

UAP Insurance is recruiting additional engineers to hasten construction of a 31-storey building complex in Nairobi, which is poised to become one of the city’s tallest structures.

The regional insurer said in an interview yesterday that construction of the building, being financed through private equity, had reached the 10th floor.

Located in the fast-growing Upper Hill area, the structure is set to join landmark buildings in the country in the league of the iconic KICC (28 storeys) and Times Tower (33 storeys) which are in the central business district.

UAP, which has presence in Kenya, Uganda, South Sudan and Tanzania, is aggressively pursuing real estate investments in a bid to expand its revenue streams that in the past have been mainly tethered to the bourse. The firm has so far invested about Sh8.4 billion ($100 million) in property within the East Africa region, according to Mr Theuri. “There is a shortage of grade ‘A’ buildings in the region presenting us with a ready market,” he noted.

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