Firm linked to late Kenyan tycoon Chris Kirubi’s heirs secures $46.7 million investment

Feyisayo Ajayi -

Key Points:

  • Trific SEZ secures $46.7M from Vantage Capital to expand Nairobi’s Gigiri facilities, enhancing its office space by 76,800 sqm.
  • Funding aims to create 10,000 jobs and attract $65M in annual foreign investment, bolstering Kenya’s business appeal.
  • Trific SEZ integrates residential, retail, and business amenities to attract global enterprises, advancing Kenya’s economic landscape.

The Two Rivers International Finance and Innovation Centre (Trific) SEZ, a subsidiary of Centum Investment Company, an East African-focused investment firm controlled by the family of late Kenyan tycoon Chris Kirubi, has secured Sh6 billion ($46.7 million) from Vantage Capital to expand its facilities in Nairobi’s Gigiri area.

The funding will support the acquisition and development of office space within the Trific SEZ, which includes the existing Trific North Tower spanning 14,975 square meters and a new office tower providing an additional 76,800 square meters of leasable space. This initiative aims to bolster Trific SEZ’s capacity to attract global and regional enterprises seeking to capitalize on Kenya’s favorable business environment.

Trific SEZ to drive job growth, foreign investment surge

“We are excited about the potential this funding brings to enhance our offerings at Trific SEZ,” commented Brenda Mbathi, CEO of Trific SEZ, emphasizing the project’s strategic significance. The development is expected to stimulate job creation and foreign direct investment, with projections indicating approximately 10,000 new jobs and an annual foreign direct investment inflow of $65 million.

The Trific North Tower has already secured bookings from 14 SEZ enterprises across various sectors including Business Process Outsourcing (BPO), shared service centers, regional headquarters, and investment holdings. Additional companies are in the pipeline, drawn by Trific SEZ’s integrated ecosystem offering residential areas, dining options, retail stores, and entertainment venues.

James Mworia, CEO of Centum Investment, highlighted the project’s pivotal role in advancing Kenya’s attractiveness to foreign investors. “This initiative underscores our commitment to leveraging SEZ frameworks to create a competitive business environment,” he remarked.

Trific SEZ supports economic growth

Trific SEZ’s comprehensive approach aligns with government efforts to foster economic growth through specialized zones. By providing advanced infrastructure and regulatory support, Trific SEZ aims to position itself as a hub for service-oriented businesses seeking access to international markets.

The late Chris Kirubi, a prominent Kenyan tycoon and former stakeholder in Centum Investment, played a pivotal role in shaping the company’s vision. Following his passing in June 2021, his children Robert Kirubi and Mary-Ann Musangi inherited his substantial estate, including stakes in Centum Investment and other prominent entities.