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Britam eyes a fortune from property market

By James Wanzala | Published Sun, July 22nd 2018 at 00:00, Updated July 21st 2018 at 22:23 GMT +3
Britam Holdings Plc Group Managing Director Dr Benson Wairegi

Britam Holdings Plc has announced that their Britam Tower, the flagship project of their property subsidiary, is ready for occupation, following the completion of the building late last year.

Located in the Upper Hill area, the 31-storey A-Class skyscraper is said to be the tallest building in East Africa and the third tallest on the continent and is ideal for diplomatic missions, multinationals, private companies, and financial institutions.

The tower has a total lettable space of 350,000 square feet with 1,000 parking bays achieving one of the highest parking ratios in Nairobi.

It comprises two separate buildings, one is the 31-storey office tower and the other a 15-storey parking silo with an interlinking bridge at the topmost level of the parking to offer alternative means of evacuation during emergency situations.

Speaking during the event which included a tour of the facilities, Britam Holdings Plc Managing Director Benson Wairegi said Britam’s decision to venture into the property and real estate development was part of the group’s diversification strategy meant to reduce portfolio risk and exposure to the volatile stock exchange market.

Fire detection

He noted that Britam had embarked on their property and real estate strategy in 2011, in a bid to provide real estate exposure to investing clients, by taking advantage of the thriving property sector in Kenya.

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Completed in November 2017, the Britam Tower is owned by Britam Life Assurance Ltd and was developed by Britam Properties, a subsidiary of Britam Holdings Limited. 

The tower boasts unique features that distinguish it from others in the market including; earthquake resistance, stringent fire safety provisions including pressurized fire escape staircases, fire detection and fighting equipment.

Britam Tower won an award, EDGE (Excellence in Design for Greater Efficiencies) last month from the International Finance Corporation (IFC), which rewards developers who implement strategies to save energy and water use in their building.

Currently, Britam Properties is in the process of developing 11 floors of fully furnished and serviced apartments in Kilimani worth Shs 3.3 billion.

Pipeline projects include a mixed-use development in Kileleshwa, 130 three and four bedroom apartments for sale in Mlolongo among others.  

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