Greenspan Mall is among the oldest shopping malls in Kenya. The retail shopping mall is located along Savannah Dakar road in the middle class area of Donholm, Embakasi East constituency.
In this article, WoK highlights the ownership of the mall and what it has to offer.
Situated 15 kilometers east of Nairobi city center, the mall attracts middle and working class Kenyans living in Embakasi, Umoja, Donholm and Buruburu. The mall lettable space is 173,477 square feet and is equipped with modern facilities such as escalators, 24 Hour CCTV cameras and ample parking. Opened in 2012, the four storey mall is home to over 60 outlets including international brands and local retailers. Some of the brands available at the mall include Java House, Aga Khan Hospital, Bata, Chicken inn, Pizza inn, Standard Chartered Bank, Bank of Africa, Safaricom Shop and Naivas Supermarket among many others.
The Company behind Greenspan mall
Greenspan Mall was fully owned by South Africa Stanlib Investments through its investment vehicle ILAM Fahari I-Reit famously known as The REIT Manager. ILAM Fahari I-REIT was the first NSE listed real estate investment trust in Kenya which owns and manages income generating real estate for the benefit of its investors. The company provides regular distributions to investors, underpinned by commercial leases and allows anyone to invest in a portfolio of large-scale properties.
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The company has been in existence for over 35 years making it the oldest fund management company in Kenya. It is licensed by the Capital Markets Authority and currently holds over Ksh 200 billion in assets under management. ILAM Fahari I-REIT mainly invests in Retail shopping centers, Mixed-use developments, commercial offices, industrial warehouses, hotels and resorts, residential buildings and specialized buildings such as students’ accommodation and hospitals. Apart from Greenspan Mall, the company also owns Signature International, Bay International and 67 Gitanga.
In 2020, the Standard reported that Fahari I-REIT had announced it was selling its Kenyan operations to the Philip Ndegwa family through ICEA Lion Asset Management.
The company is governed by a board of directors-consisting of Andrew Ndegwa who is the Chairman, Einstein Kihanda who is Chief Executive Officer of subsidiary ICEA LION Asset Management Limited, Patrick Mugambi, Stephen Mallowah, Kairo Thuo, Justus Mutiga and Stephen Oluoch who are all non-executive directors. Other key leaders of the company include Barack Obatsa who is the Chief Investment Officer, Ruth Okal who is an asset manager, Irene Maloba who is a Financial Manager and Olga Omalla who is a risk and compliance officer.