This archive report was first published on 5 January 2022.
Published on January 5, 2022, the US Embassy in Nairobi is set to lease a 90-unit gated estate in the upmarket Rosslyn area for its staff in an eight-year deal worth up to Ksh4.27 billion ($37.7 million).
The estate, dubbed OBO Kenya Diplomatic Housing, is being developed by Gateway Real Estate Africa Ltd (GREA) and is expected to be completed by the third quarter of this year at a cost of Ksh5.5 billion ($48.5 million).
According to a prospectus issued by Mauritius-based Grit Real Estate Income Group ahead of its acquisition of a majority stake in GREA, the leasing deal marks a significant milestone for the developer.
While embassies in Nairobi typically house their expatriate staff in high-security estates within the UN diplomatic blue zone, this is the first time a foreign mission has sought to lease a gated estate for its staff.
“The 90-unit diplomatic apartment and townhome community development marks GREA’s first development in Kenya and a second development in conjunction with US-based developer, Verdant Ventures,” said Grit.
The development will feature a combination of apartments and townhouses, as well as a clubhouse with a gym, swimming pool, and other amenities. It will be 100 percent leased to the United States of America for a term of eight years, with the first year’s rental income expected to be $4.724 million (Ksh534 million).
