Tanzanias National Social Security Fund is keen to make further inroads into East Africas real estate sector with its planned construction of a commercial building in Nairobi, the Kenyan capital.
he complex, to be built at the junction of Mara and Hill roads in the upmarket Upper Hill area of the Kenyan capital, will house the Tanzanian Chancery and a shopping mall. The building will be a one-stop centre for the countrys affairs in Nairobi. Apart from Tanzanian diplomats, a large chunk of the complex will be reserved for business offices.
The initial construction cost of the 26-storey embassy, to be named Umoja House, is estimated at $40 million and will be managed by the government and NSSF.
The state, whose equity in the project includes the ownership of plot number 209/3678 in Upper Hill, will contribute 20 per cent of the projects share capital while NSSF will foot the remaining 80 per cent.
Minister for Foreign Affairs and International Co-operation Bernard Membe confirmed to The EastAfrican that construction work will kick off in July.Mr Membe said the commercial building in Nairobi will be used to generate income to cater for other diplomatic missions in Africa, in a bid to reduce operational costs.
SOURCE
he complex, to be built at the junction of Mara and Hill roads in the upmarket Upper Hill area of the Kenyan capital, will house the Tanzanian Chancery and a shopping mall. The building will be a one-stop centre for the countrys affairs in Nairobi. Apart from Tanzanian diplomats, a large chunk of the complex will be reserved for business offices.
The initial construction cost of the 26-storey embassy, to be named Umoja House, is estimated at $40 million and will be managed by the government and NSSF.
The state, whose equity in the project includes the ownership of plot number 209/3678 in Upper Hill, will contribute 20 per cent of the projects share capital while NSSF will foot the remaining 80 per cent.
Minister for Foreign Affairs and International Co-operation Bernard Membe confirmed to The EastAfrican that construction work will kick off in July.Mr Membe said the commercial building in Nairobi will be used to generate income to cater for other diplomatic missions in Africa, in a bid to reduce operational costs.
SOURCE