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Cytonn To Acquire Luxurious Apartment Vendor Wasini Resorts

Real Estate firm Cytonn is set to buy Nairobi’s luxury hotel-cum-furnished apartments vendor Wasini Resorts.

The buyout was authorised by Competition Authority of Kenya through a Gazette notice last week.

This will see Cytonn acquire 100 per cent shareholding in Wasini Resorts.

The firm’s head of private equity (real estate), Shiv Arora, confirmed entering into discussions with luxury apartment owners but declined to divulge details.

“For Wasini, we are in discussions with the proprietor, however, transaction details remain undisclosed at this point in time. As developments occur, we shall keep you updated,” he said as quoted by a local daily.

Read: SIM Card Hawkers To Pay Ksh500,000 In Fines Or Face One Year Jail Term

Arora says that the company is grabbing an opportunity presented by lack of a single furnished apartments’ operator especially within Nairobi’s Westlands, Kilimani and Upper Hill.

Cytonn is undertaking a serviced-apartment development of its own in Westlands to complement similar homes in Ridgeways. More furnished apartments are also under development at the 35-floor Cytonn Towers in Kilimani.

The firm, through its real estate arm Cytonn Real Estate, has 10 ongoing residential and commercial projects reportedly valued at Sh82 billion. It is also the 5th largest shareholder in regional lender, NIC Bank.

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

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