Tanzania’s National Social Security Fund has planned a $40-million property development in Nairobi, Kenya's capital city.
The 26-storey complex, which will be built in the upmarket area of Upper Hill, will house the Tanzanian Chancery and a shopping mall, and would be named Umoja House. A large part of the complex would be reserved for business offices, besides Tanzanian diplomats.
The state, whose equity in the project includes the ownership of plot number 209/3678 in Upper Hill, will contribute 20% of the project’s share capital while NSSF will foot the remaining 80%.
The ministry of foreign affairs says that construction work will start in July.
Source: East African