How Much Owners of Nairobi Eastleigh Builidings Have Been Making Despite Ongoing Construction

Ownership of many of the more than 20 malls and plazas in Eastleigh is routed through private companies, family holdings and co-ownership arrangements that are rarely documented in public records, even as the district’s property wealth runs into billions of shillings.

The largest recent development is BBS Mall, also known as Business Bay Square. The roughly 130,000-square-metre complex reportedly cost about KSh 25 billion and opened in 2023.

It has been publicly linked to Ten Commodities Wholesalers Ltd, with Abdiwali Mohamed Hassan and Maalim Weli described in reporting as its founder or chairman. Neither the corporate structure nor individual beneficial ownership has been independently verified.

Comesa Mall, which houses about 300 stores, has been associated with Ibrahim Noor Hillowly through Darasa Investments Ltd.

Kenyan media have described him as a reclusive Kenyan-Somali businessman, and the mall has featured in a high-profile dispute with the Kenya Revenue Authority (KRA).

Other publicly reported names include Ahmed Abdullahi Yare, a former teacher linked to Yare Plaza, Yare Towers and Yare Business Park. Court records name Abdi Mohamed Ali as the owner of Mega Shopping Mall in a case involving about KSh 296 million.

Business Daily has reported that Eastleigh Mall is connected to Ambassador Mohamed Mohamud and partners, in a matter where the Assets Recovery Agency and the KRA froze accounts and property over tax-evasion allegations.

Co-ownership is also common. Hong Kong Shopping Mall and Bangkok Shopping Mall have been reported as co-owned by Yusuf Abdi Adan and Mahammed Abdikadir Adan, with Bangkok’s ownership also said to include Hussein Ahmed Farah and Hussein Unshur.

Management disputes at both have gone to mediation or litigation. Madina Mall is linked to Al-Bushra Properties Ltd and Faisal Guhad, while Amal Plaza is tied to the Amal Group of Companies.

This layered system has helped the district raise capital and build quickly, but it poses challenges for lenders, insurers and institutional investors seeking clear title.

Anyone planning to invest, lease or seek financing should search both the land registry and the company registry for each property’s corporate owner.

Source; https://www.facebook.com/share/p/1D3rBHyPTf/

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