UK’s Old Mutual invests Kshs. 6.4 billion in Two Rivers Mall

Old Mutual, the UK-based multinational, has invested Kshs. 6.4 billion in Two Rivers Lifestyle Centre Ltd (TRLC), the holding company of Centum’s Two Rivers Mall. The investment has given the multinational a 10 per cent stake in TRLC in exchange for cash. It has also made a convertible loan to the company that could later be turned into an extra 40 per cent equity ownership. “The transaction will see Old Mutual ultimately hold a 50 per cent stake in TRLC,” Centum said in a statement. The deal, which has seen new shares issued to accommodate the investment by Old Mutual through its subsidiary Old Mutual Property, is subject to approval by the Competition Authority of Kenya. The mall is part of the Two Rivers complex that sits on a 100-acre property along Limuru Road, in close proximity to the affluent neighbourhoods of Runda, Nyari, Gigiri and Muthaiga. The first phase will see the construction of two office towers, a hotel, and the mall among other units.