Jadiah Mwarania, managing director of the NSE-listed insurer, recently said that while the plans are still in the initial stages, the provisional budget for the project has been set at Sh4 billion.
“We hope to probably break ground for the new building next year,” Mr Mwarania said in April during the company’s shareholders briefing.
The proposed ‘green’ building will provide sufficient capacity for people and vehicles, given the fact that the city centre is no longer an ideal location for most companies due to congestion.
“We intend to develop an ultra-modern building that provides enough capacity for both people and vehicles. It will be fitted with more efficient solar panels as part of our energy management plan to reduce high power consumption,” Mr Mwarania said in an earlier interview.
The building, which is set to increase Kenya Re’s total rentable area to 568,292 square feet, will target corporate tenants and multinationals. It will be completed within two years.
Other buildings owned by the firm include Anniversary Towers, Kenya Re Towers and Reinsurance Plaza in Nairobi and Reinsurance Plaza in Kisumu.
Kenya Re currently provides reinsurance services to 170 insurance companies in 45 countries, including Angola, Mozambique, Zambia and Zimbabwe.
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