The family of late Billionaire Nelson Muguku has addressed allegations that its looking to cash in on the Waterfront Mall in Karen, with Ksh20 billion rumoured to be the price.
The mall's Managing Director David Muguku in a statement issued on Tuesday, April 27, 2021, stated that the family is not seeking to sell the property.
"We would like to dispel this information and let the public, our tenants, and clients know that the information is false and does not represent the position of the management. The information should therefore be disregarded.
"We would like to further inform the public that any information pertaining to the sale of the property, if any, or any other matter would be issued by the management through official channels," he said.
File image of the Waterfront Mall in Karen, Nairobi County. |Photo| Courtesy|
The multi-billion establishment sits on 13.8 acres of land and was opened in 2018. It has a man-made lake that covers 3.5 acres.
Muguku-died in 2010 at the age of 78, built a multi-billion-shilling business empire from humble beginnings as a poultry farmer based in Kikuyu on the outskirts of Nairobi.
At the time of his death, his estate was valued at approximately Ksh10 billion, mainly generated from Muguku Poultry Farm, a modern hatchery, and his stake at Equity Bank.
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