Car & General, a Nairobi Securities Exchange-listed firm, is expanding its footprint in the property sector with plans to launch an Sh800 million mall project in Shanzu, Mombasa. The project, scheduled to begin construction next year and be completed by 2026, aims to capitalize on the upgraded Mombasa-Mtwapa-Kilifi highway, enhancing accessibility and attracting a broad range of tenants.
This initiative is part of Car & General’s strategy to diversify its revenue streams, which currently include automotive and equipment distribution, real estate investment, financial services, poultry, and helmet manufacturing. The Shanzu mall will join Nairobi Mega, the firm’s successful mall on Uhuru Highway, which is fully rented with notable tenants such as Carrefour, Safaricom, and Airtel.
The Shanzu mall will cover four acres of the 24-acre land owned by Car & General in the area. With an estimated built-up area of 80,000 to 100,000 square feet, the mall is set to become a vibrant retail and commercial hub in Mombasa. The company has already secured an anchor tenant and is awaiting the highway’s completion to begin construction.
To finance the new mall, Car & General plans to sell a portion of its land holdings in Shanzu, valued at Sh1.25 billion as of December 2023. This move aims to optimize asset utilization and restore the firm’s cash position, ensuring the project remains self-sustaining.
Vijay Gidoomal, CEO of Car & General, emphasized the importance of business diversity and geographical reach in building sustainability. He highlighted the potential for growth across the firm’s diverse business lines and expressed confidence in their ability to deliver long-term value.
“We are excited about the prospects of the Shanzu mall project and its potential to further strengthen our presence in the property market,” said Mr. Gidoomal. “With our commitment to excellence and strategic growth initiatives, we look forward to creating another successful retail destination in Kenya.”
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