The mall, which opened its doors on Tuesday, was initially set to open in October 2015 but the date was pushed to March 2016 then to September and later to this year’s Valentine’s Day due to what the developer termed as “construction delays”.
The facility was originally to cover a total of 1.2 million square feet of land but this was increased to 1.7 million square feet in a bid to raise the lettable space from the original 460,000 square feet to over 700,000 square feet.
The Two Rivers Mall is part of a Sh25.1 billion mixed-use development that is being undertaken by Two Rivers Lifestyle Company Limited on a 102-acre parcel of land acquired from the Koinange family for Sh1 billion.
The mall’s owner, Two Rivers Lifestyle Company Ltd., comprises a coalition of several cash-rich investment firms including Centum Group. The company’s shareholding is split into two equal parts; with Two Rivers Development Limited holding a 50 per cent stake and the balance being held by OMP Africa Investment Company.
On its part, Two Rivers Development Limited is owned by three investors: Centum Group, which is majority owned by billionaire Chris Kirubi (58 per cent); Avic (39 per cent) and ICDC (3 per cent).
In April 2015, Centum announced that Aviation Industry Corporation of China (Avic), the main contractor for project, had invested Sh6.4 billion in Two Rivers for a 38.9 per cent stake – valuing the project at about Sh16.6 billion.
“The investment by Avic is particularly noteworthy being one of the largest foreign direct investments in this region by a Chinese corporation into a private enterprise,” Centum said.
Centum also disclosed that state-owned investment firm ICDC, which also holds a 23 per cent stake in Centum, had made a Sh462.5 million equity investment while Co-operative Bank had contributed Sh7.2 billion in debt funding for the project.
The Two Rivers Mall consists of medium density residential homes, office blocks, a shopping centre, as well as a three-star and a five-star hotel, the flagship being the 170-room City Lodge.
French retailer Carrefour, which operates more than 12,000 outlets globally, will be the anchor tenant at the Two Rivers Mall – with Turkish luxury fashion line LC Wakiki, Woolsworths, Hugo Boss and Nike being some of the mall’s tenants.
The project, which is managed by Athena Properties Ltd., will be compliant with international green standards, featuring luxurious residential apartments and low-rise office blocks being built by the China National Aero-Technology International Engineering Corporation (CATIC) and local sub-contractors.
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