Home » Wealthy Kenyan banker Suresh Bhagwanji Shah acquires Nairobi Business Park

Wealthy Kenyan banker Suresh Bhagwanji Shah acquires Nairobi Business Park

by Feyisayo Ajayi
Suresh Bhagwanji Shah

MTZ Holdings, an investment vehicle owned by Kenyan banker Suresh Bhagwanji Shah and members of his family, has acquired Nairobi Business Park, a prominent office complex situated on Nairobi’s Ngong Road, from NBP Holdings Limited, a property investment company.

Suresh Bhagwanji Shah, popularly referred to as S. B. R. Shah in Kenyan business circles, is the founder of I&M Holdings, one of East Africa’s largest financial services companies.

Kenya’s Competition Authority approved the transaction (CAK).

“The Competition Authority of Kenya has approved the proposed acquisition of the entire issued share capital of NBP Holdings Limited by MTZ Holdings Limited unconditionally,” the regulator said in a notice.

“NBP Holdings Limited (the target) is an investment holding company whose primary investment is the commercial property Nairobi Business Park.”

MTZ is a newly formed entity that will own the property complex. According to a news report by Business Daily Kenya, the investment holding company is owned by three firms that also own a majority stake in the Nairobi Securities Exchange-listed I&M Holdings.

Minard Holdings owns 21.6 percent of the Kenyan banking multinational, followed by Tecoma Limited (18.4 percent) and Ziyungi Limited (17.8 per cent). They own 57.8 percent of I&M, which has a market value of more than $130 million.

Suresh Bhagwanji Raja Shah, the bank’s founder, is a director of the three firms. The value of the Nairobi Business Park transaction was not disclosed, but it is expected to exceed Sh2 billion ($16 million) based on previous transactions in the same property.

The property was developed by private equity firm Actis, which sold its stake in February 2015 for an undisclosed sum. The buyers of the business park later put it up for sale two and a half years later for Sh2.6 billion ($21 million).

The Grade ‘A’ office complex was completed in 2002 and sits on a 16-acre plot purchased from the Jockey Club of Kenya to develop the commercial block. The business park is close to the affluent Karen suburb and has more than 200 parking spaces.

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