The Waterfront Mall in Karen up for Sale?
Sitting on 50 acres of land, the Waterfront mall in Karen which is undoubtedly the largest mall in the area was earlier reported to be up for sale.
Formerly owned by the late Nelson Muguku, the mall was going for an asking price of 20 billion Kenyan shillings. Some renowned media houses reported that the news came as a result of an advertising document.
But Waterfront’s managing director David Muguku has come out to state that the mall is not up for sale.
The reports hinted that the exit of Shoprite fueled losses and led to the said sale.
Shoprite, one of the main tenants in the Waterfront mall vacated the premises before the end of a ten-year lease period after just a few months in the mall. Waterfront owners went to court to force Shoprite to pay for the remaining lease period but they lost the case. Naivas supermarket has since occupied its space.
The managing director went ahead and asked interested parties to disregard the information and treat it as false.