Centum Investment Company has announced that it will be altering its approach towards the Two Rivers Mall unit following the acquisition of a Special Economic Zone (SEZ) license.
The decision comes as Centum seeks to take advantage of the lucrative investment opportunities presented by the government’s SEZ initiatives.
The Two Rivers Mall, which is located in Nairobi’s upmarket Gigiri neighbourhood, is one of Centum’s flagship developments. The mall boasts over 200 stores, a convention centre, and a high-end residential complex. It is also home to a number of international brands such as Carrefour, LC Waikiki, and Nike.
The acquisition of the SEZ license will enable Centum to position the Two Rivers Mall as a hub for foreign investors seeking to set up businesses in Kenya.
The SEZ initiative was launched by the Kenyan government in 2015 to promote export-oriented manufacturing and other value-added economic activities within designated zones. Businesses operating within these zones enjoy a range of incentives, including tax holidays, streamlined customs procedures, and relaxed labor laws.
In a statement, Centum CEO James Mworia said that the acquisition of the SEZ license was a significant milestone for the company. He added that the move was part of Centum’s broader strategy to leverage on the government’s economic development agenda to create value for its shareholders.
“We are excited about the prospects that the SEZ license presents for the Two Rivers Mall. This development aligns with our vision to create world-class real estate developments that provide attractive returns to our shareholders”, he said.
Mworia further revealed that Centum would be looking to attract companies from the technology, logistics, and light manufacturing sectors to set up operations within the Two Rivers Mall SEZ.
He added that the company would also be exploring partnerships with local universities to establish research and innovation centers within the zone.
The SEZ license is expected to enhance the competitiveness of the Two Rivers Mall by providing a conducive environment for businesses to thrive.
In addition, Centum’s move is likely to attract more investors into the Kenyan economy, thus contributing to the country’s long-term economic growth.
