The building that houses President Uhuru Kenyatta’s Jubilee Party headquarters was on Monday, August 29, 2022 put up fo sale by Garam Investments Auctioneers.
The building, Emani Business Center, was put up for auction due to Ksh.435 million debt owed to Stanbic Bank. According to those who are familiar with the loan, Stanbic Bank Kenya, a subsidiary of Standard Bank in South Africa, is attempting to recover millions of shillings for a debt that became overdue last year.
The building, which is located on 0.56 acres, is connected to a former high official in President Daniel Arap Moi’s administration who also served as a Rift Valley MP.
Garam Investments put the structure up for auction on September 11, 2022, in a bid to recover the loan.
“Bidders will be required to produce a bidding deposit of Ksh5 million by way of cash or bankers’ cheque before being allowed to bid,” Garam Investments said in a public notice.
Forer Jubilee Party Deputy Secretary General Caleb Kositany in 2018 claimed the party was paying around Ksh90 million in annual rent for the seven-story structure. Mortgage defaults have increased recently, indicating a generalized condition of difficulty in the real estate market as Kenya’s economy recovers from the COVID-19 economic troubles and the pace of property auctions increases.
Auctioneers claim that the number of asset seizures has increased this year, but they are having trouble selling the assets in a market that is overflowing with repossessed cars, buildings, land, and office supplies.
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