The National Social Security Fund (NSSF) has set off construction works on the 39-story Hazina Trade Centre in Nairobi, which is expected to be the tallest building in East Africa.
The building, which has been architecturally designed by Mruttu & Salmann Associates, will be constructed atop the eight-storey Hazina Trade Centre on Mokhtar Daddah and Monrovia streets. The building currently houses the Nakumatt Lifestyle supermarket.
The tower, whose design is inspired by the outline of a Maasai Moran standing with a crossed leg and leaning on his spear, will be built a cost of Sh6.7billion.
It will feature fritted glazing (to reduce solar heat gain), a ventilated atrium, a helipad and a city skyline viewing gallery.
China Jiangxi International has been contracted to build the Hazina Trade Centre. The Chinese firm had earlier disputed award of the contract to Cementers Limited, which initially won the tender in 2011.
China Jiangxi International and China Wu Yi – the firms that lost the bid – moved to court challenging the tendering. The court cancelled the tender, forcing the NSFF to go back to the drawing board.
Speaking on Friday during the launch of the project, NSSF Managing Trustee Tom Odongo said the retirement workers’ fund will be collecting Sh100million monthly in rent upon completion of the building in 18 months.
“NSSF is also willing to sell off some of the floor space, which will see it retain its real estate investment below the regulatory maximum of 30 per cent,” he said.
The development comes at a time when the NSSF is packaging its commercial buildings into Real Estate Investment Trusts (REITs) with the aim of listing at the Nairobi Securities Exchange.
“We are in the process of converting our commercial buildings to Real Estate Investment Trusts (REITs) in order to unlock capital,” Mr Odongo said.
NSSF has identified the Social Security House (NSSF complex), Bruce House and the Social Security House in Mombasa for offering to the public. The buildings are valued at Sh1.5 billion, Sh5.4 billion and Sh500 million respectively.
