The Kenyan homegrown retailer riding on its strategic investor Adenia Partners, a private equity fund management company based in Mauritius, will be the anchor tenant at Nanyuki Mall taking up space left behind by the Tuskys.
Adenia Partners bought a controlling stake in Tumaini Self Service Limited through its special purpose vehicle Sokoni Retail Kenya Limited in 2018 for an undisclosed amount.
— Quickmart (@QuickmartKenya) November 6, 2020
Market analysts state that the investment is supported by positive demographics with Nanyuki having a population of 72,813 as of 2019, 47.9% higher than 49,233 recorded in 2009, according to the Kenya National Bureau of Statistics (KNBS) Population and housing census report.
Also, the attractiveness of the region as a tourist hub as Nanyuki hosts key tourist attractions such as the Ol Pejeta Conservancy and Mount Kenya National Park, and a growing middle class with increased consumer purchasing power.
Cytonn Investments says Nanyuki which falls under the Mt. Kenya Region was the best performing region in the retail market according to its Cytonn’s Kenya Real Estate Retail Sector Report 2019 with average yields of 8.6%, 1.6% points higher than the market average of 7.0%.
“The performance is attributed to high occupancy rates at 80.0%, 2.7% points higher than the market average of 77.3%, and high rental rates of Kshs 129.8 per SQFT, which is 10.0% higher than the market average rates of Kshs 118.0 SQFT.”
The region accounts for a 7.7% retail market share and its performance was mainly driven by the low supply of malls in the region.