Meet the Owners of Donholm’s Greenspan Mall: Nairobi’s Property Investment Success Story

Greenspan Mall, strategically located along Savannah Dakar Road in Donholm, Nairobi, has become a landmark in Kenya’s retail landscape since its opening in 2012.

With over 60 outlets—including local retailers and international brands such as Java House, Aga Khan Hospital, Bata, Chicken Inn, Pizza Inn, Standard Chartered Bank, Bank of Africa, Safaricom Shop, and Naivas Supermarket—the four-story shopping center serves residents in Embakasi, Umoja, Donholm, and Buruburu. But who are the real power players behind this multi-billion property venture?

Greenspan Mall Ownership Structure: From Stanlib Investments to ICEA Lion Asset Management

For years, Greenspan Mall was fully owned by South Africa’s Stanlib Investments, acting via its real estate investment trust, ILAM Fahari I-REIT. Not only was this the first Nairobi Securities Exchange (NSE)-listed REIT in Kenya, but it also set a benchmark for commercial property investment in East Africa.

ILAM Fahari I-REIT specializes in acquiring and managing income-generating real estate—think retail malls, mixed-use developments, and commercial hubs. What adds to its appeal is that ordinary investors can buy into a portfolio of large-scale Kenyan properties, enjoying regular distributions supported by solid commercial leases.

The pivotal moment came in July 2015 when ILAM Fahari I-REIT acquired Greenspan Mall through a high-profile share purchase agreement, gaining full control of Greenspan Mall Limited and the adjacent parcels of land.

The purchase consumed Ksh2 billion from the Ksh3.6 billion raised during the REIT’s public offering—cementing Greenspan Mall as a flagship asset in the diversified property portfolio managed by ICEA Lion Asset Management (ILAM).​

Transitioning to the Next Generation of Kenyan Property Ownership

In 2020, the ownership landscape shifted further when Fahari I-REIT, recently delisted from the NSE’s Main Investment Market Segment, was acquired by Kenya’s Philip Ndegwa family through ICEA Lion Asset Management. This signaled a significant transition in local asset control, giving the Ndegwa family a direct stake in one of Nairobi’s oldest and most influential shopping malls.

Aside from Greenspan, the investment trust’s portfolio boasts other key properties—Signature International, Bay International, and 67 Gitanga—showing long-term growth in Nairobi’s vibrant real estate sector.​

Why Greenspan Mall Stands Out in Nairobi’s Retail Scene

• Prime Location: Serves high-density residential estates in Nairobi East.
• Retail Diversity: Features over 60 diverse outlets, offering everything from banking and healthcare to food and fashion.
• Investor Access: Owned by a REIT, making commercial property investment accessible to ordinary Kenyans.
• Steady Growth: Demonstrates sound asset management and investment return strategies.
• Security in Ownership: Backed by reputable asset managers—Stanlib (South Africa) and ICEA Lion Asset Management (Kenya).

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Conclusion: Property Investment Opportunities in Nairobi

Greenspan Mall’s journey exemplifies Nairobi’s transformation into an investment-friendly destination for commercial real estate.

The combination of international expertise, secure asset management, and local ownership makes Greenspan Mall not just a shopping center, but a prime model for property investment in Kenya.

For anyone looking to invest in or learn about Nairobi’s booming real estate market, understanding the ownership and management structure of flagship malls like Greenspan Mall is pivotal. Whether you’re a prospective investor, business owner, or shopper, Greenspan Mall continues to shape and reflect Nairobi’s dynamic growth.