Old money sometimes refuses to die. The Karen Waterfront Mall owners.

patco

Village Sponsor
#1
Wewe na sibling zako mnangeng'ania 2 acres hapo Muchatha ilhali wengine...



Muguku family opens Sh3bn Karen mall



An artistic illustration of the Waterfront Karen Mall. PHOTO | COURTESY
In Summary
  • David Muguku said the 200,000 square feet property occupying 13 acres of land will host the publicly listed SA retailer on the ground floor.
  • Retail shops, restaurants, a book store and salons will sit on the upper floor.
By JAMES KARIUKI
More by this Author
The family of late billionaire poultry farmer Nelson Muguku has opened the upmarket Sh3 billion Karen Waterfront shopping complex with South Africa’s retail giant, Game, as the anchor tenant.

David Muguku in an interview Friday said the 200,000 square feet property occupying 13 acres of land will host the publicly listed SA retailer on the ground floor as well as chemists, fashion stores, a tyre centre, a grocery store, an art gallery with several spaces reserved for commercial banks and wellness centres.
Retail shops, restaurants, a book store and salons will sit on the upper floor with the next two phases on part of the 50 acre land reserved for development of high-end residential apartments, offices and a hotel.
“We had 500 workers during construction and are happy that with 110 internationally branded stores and restaurants, more Kenyans have been employed to offer various services. We are still in talks with more international brands and will be making major announcements soon,” he said.

WATER FEATURES
The live-work-shop project was built by Chinese contractor, CJRE East Africa, which is a subsidiary of the China Railway Group Company.

Located in the Karen Triangle (between Karen Road, Karen Lane and Lang’ata Road), it is one of Kenya’s largest real estate developments boasting of water features, walking/cycle paths as well as greenery and open spaces around the property.
“We have incorporated a wastewater treatment plant to help as conserve as well as utilise internally sourced water. Solar energy has also been tapped to ease our power bills as well as ensure we are a green building,” he said.
 

patco

Village Sponsor
#4
And he started it all, with two hens and one cock!!

https://www.businessdailyafrica.com...ren-complex/539550-2560508-hykj6vz/index.html

Mr Muguku, who died in 2010 aged 78, built a multi-billion-shilling business empire from humble beginnings as a poultry farmer based in Kikuyu on the outskirts of Nairobi.
READ: Billionaire Muguku leaves strong business legacy.
At the time of his death, his estate was valued at approximately Sh10 billion, mainly generated from Muguku Poultry Farm, a modern hatchery, and his stake at Equity Bank where he was among the top shareholders whose wealth multiplied rapidly following the lender’s listing at the Nairobi Securities Exchange (NSE).

Mr Muguku quit his teaching job in 1957 when the poultry business he started with two hens and a cock to supply eggs for breakfast in 1956 picked up.

Leah Wanjiku, the late businessman’s wife, similarly left her teaching career in 1967 to help out on the farm.

Together, they grew the business and by the time of his death, they were hatching half a million chicks a day for sale countrywide.

Mr Muguku held 6.08 per cent of Equity Bank shares at the time of his death — a stake that earned him the enviable distinction of being the bank’s largest individual shareholder.

His family has since his death sold off the shares – reducing that stake to 0.9 per cent that is currently worth Sh1.6 billion.
READ: Muguku family sells more shares in Equity Bank
Had the stake remained intact as it were during the bank’s listing, it would now be worth Sh15.2 billion.
The renowned philanthropist also dabbled in real estate, owning prime property on Nairobi’s Mfangano Street as well as becoming the dominant property owner in Kikuyu Town.
It is this property portfolio that his family has now decided to boost by injecting an amount that is equal to the businessman’s net worth at the time of this demise into a new project.
Crossroads Limited, a company associated with the Muguku family and which is also said to own Crossroads Mall in Karen, is the sponsor of the new complex.

Freda Rutere, the director of Planning Project Management which is overseeing the construction, declined to respond to our questions on the mega project but promised to do so “before the launch”.
Phase one of the multi-billion-shilling venture will be a shopping complex that mimics similar ones that have dotted Nairobi’s landscape in the past five years.

The building’s ground floor will host an anchor tenant, besides chemists, clothes stores, a tyre centre, a grocery store, an art gallery as well as commercial banks.
 

patco

Village Sponsor
#8
Alright gentleman no need to fight. He supplied eggs to statehouse since the colonial era. Sioni ukora hapo hata mimi. But... sijui.

Although equity bank has a history.

But what really gets me about this man is this last underlined paragraph down below. Imagine if that idea was ever put in motion?!










Billionaire Muguku leaves behind strong business legacy
FRIDAY, OCTOBER 15, 2010 0:00
BY STEVE MBOGO |
The late Nelson Muguku, founder of Muguku Farms and at one time Equity Bank's largest individual shareholder. PHOTO | FILE NATION MEDIA GROUP


The children of Nelson Muguku, a billionaire poultry farmer and real estate investor were introduced to entrepreneurship early in the day.
When they completed university studies, the father would give them loans — not handouts — to start businesses.
Mr Muguku, who has died aged 78, was worth an estimated Sh10 billion.

In the investment circles, he was seen as an example of starting small. What matters is discipline and consistency.

Tales are told of how he lost a contract to supply President Jomo Kenyatta’s State House with eggs thanks to the machinations of Comptroller Eliud Mathu. However, the president noticed that the new supplier was offering much smaller eggs and overruled the change.

RELATED STORIES


Muguku had been supplying Governor Malcolm MacDonald with his superior product for years after impressing him with the farm at a settlement scheme in Sigona.

Throughout his life, he left strong impressions on all who met him, reportedly “known for his philanthropy, not drinking more than three beers daily and never offering to buy anyone a drink”.
From the Kenya Investment Group blog, a contributor wrote: “From this unlikely business, he rose to become a 6.08 per cent shareholder of a Sh100 billion bank (Equity Bank). He put to shame those who said Kenya doesn’t have honest billionaires.”
Prof Kihumbu Thairu, a founder member of Presbyterian University of East Africa and its current vice-chancellor is Mr Muguku’s younger brother.
He said his brother’s sense of continuity ensured that any of his family members can potentially run the expansive Muguku Poultry Farm, which also hosts dairy farming and an orchard.

READ: Muguku family invests Sh3bn in 50-acre Karen housing complex.

“His wife Leah Wanjiku left a teaching job in 1963 to manage the farm together with her husband. The couple taught their seven children, some of whom are running their own farms in other areas, all the technical and theoretical operations at the farm,” he said.
Mr Muguku was a keen investor at the Nairobi Stock Exchange, but it is at the Equity Bank’s counter where he ruled the roost, being the largest individual shareholder in one of Kenya’s most expansive banks.
He owned a prime property along Nairobi’s Mfangano Street and was the dominant property owner in Kikuyu Town.
But the man was more known for the way he revolutionised poultry farming in Kenya over the years.
At his expansive Muguku Farm, now in Kikuyu, he set up state-of-the-art hatcheries that by the time he died could hatch 500,000 chicks every day.
This is from a man who quit a teaching job in 1957 when the poultry business he started with two hens and a cock to supply eggs for breakfast in 1956 picked up. Then aged 24, he was teaching carpentry at Kabianga Teachers’ College (now Kabianga High School).
The workaholic farmer said in an interview before he died that he had waded through a lot of obstacles to achieve what he had.
“The road has not been easy. Nothing comes easy in life. I am what I am because of hard work and God’s blessing.”
Despite quitting his teaching job because he was required to go for further training in order to get a promotion, a situation he did not like, he nevertheless invested a lot in education, which was perhaps the fourth-pillar of his fame in addition to the Equity Bank investment, poultry and real estate.
His family runs two primary schools; Kikuyu Township and Kidfarmaco and a high school - the former Greenacres School - now renamed Tumaini School.

According to Prof Thairu, Mr Muguku died before his plans to establish technical training colleges in the counties across the country materialised.
“We were planning to establish productive polytechnics where we were going to teach technical education of the kind taught in Korea and Malaysia, to equip our youths with skills to manufacture and enable us compete with developed nations,”
he said.

Mr Muguku was also active in multi-level marketing for health products, being one of the ‘managers’ of multi-level marketing group GNLD.
He was laid to rest on October 19.
 

Sylos

Village Elder
#10
Alright gentleman no need to fight. He supplied eggs to statehouse since the colonial era. Sioni ukora hapo hata mimi. But... sijui.

Although equity bank has a history.

But what really gets me about this man is this last underlined paragraph down below. Imagine if that idea was ever put in motion?!










Billionaire Muguku leaves behind strong business legacy
FRIDAY, OCTOBER 15, 2010 0:00
BY STEVE MBOGO |
The late Nelson Muguku, founder of Muguku Farms and at one time Equity Bank's largest individual shareholder. PHOTO | FILE NATION MEDIA GROUP


The children of Nelson Muguku, a billionaire poultry farmer and real estate investor were introduced to entrepreneurship early in the day.
When they completed university studies, the father would give them loans — not handouts — to start businesses.
Mr Muguku, who has died aged 78, was worth an estimated Sh10 billion.

In the investment circles, he was seen as an example of starting small. What matters is discipline and consistency.

Tales are told of how he lost a contract to supply President Jomo Kenyatta’s State House with eggs thanks to the machinations of Comptroller Eliud Mathu. However, the president noticed that the new supplier was offering much smaller eggs and overruled the change.

RELATED STORIES


Muguku had been supplying Governor Malcolm MacDonald with his superior product for years after impressing him with the farm at a settlement scheme in Sigona.

Throughout his life, he left strong impressions on all who met him, reportedly “known for his philanthropy, not drinking more than three beers daily and never offering to buy anyone a drink”.
From the Kenya Investment Group blog, a contributor wrote: “From this unlikely business, he rose to become a 6.08 per cent shareholder of a Sh100 billion bank (Equity Bank). He put to shame those who said Kenya doesn’t have honest billionaires.”
Prof Kihumbu Thairu, a founder member of Presbyterian University of East Africa and its current vice-chancellor is Mr Muguku’s younger brother.
He said his brother’s sense of continuity ensured that any of his family members can potentially run the expansive Muguku Poultry Farm, which also hosts dairy farming and an orchard.

READ: Muguku family invests Sh3bn in 50-acre Karen housing complex.

“His wife Leah Wanjiku left a teaching job in 1963 to manage the farm together with her husband. The couple taught their seven children, some of whom are running their own farms in other areas, all the technical and theoretical operations at the farm,” he said.
Mr Muguku was a keen investor at the Nairobi Stock Exchange, but it is at the Equity Bank’s counter where he ruled the roost, being the largest individual shareholder in one of Kenya’s most expansive banks.
He owned a prime property along Nairobi’s Mfangano Street and was the dominant property owner in Kikuyu Town.
But the man was more known for the way he revolutionised poultry farming in Kenya over the years.
At his expansive Muguku Farm, now in Kikuyu, he set up state-of-the-art hatcheries that by the time he died could hatch 500,000 chicks every day.
This is from a man who quit a teaching job in 1957 when the poultry business he started with two hens and a cock to supply eggs for breakfast in 1956 picked up. Then aged 24, he was teaching carpentry at Kabianga Teachers’ College (now Kabianga High School).
The workaholic farmer said in an interview before he died that he had waded through a lot of obstacles to achieve what he had.
“The road has not been easy. Nothing comes easy in life. I am what I am because of hard work and God’s blessing.”
Despite quitting his teaching job because he was required to go for further training in order to get a promotion, a situation he did not like, he nevertheless invested a lot in education, which was perhaps the fourth-pillar of his fame in addition to the Equity Bank investment, poultry and real estate.
His family runs two primary schools; Kikuyu Township and Kidfarmaco and a high school - the former Greenacres School - now renamed Tumaini School.

According to Prof Thairu, Mr Muguku died before his plans to establish technical training colleges in the counties across the country materialised.
“We were planning to establish productive polytechnics where we were going to teach technical education of the kind taught in Korea and Malaysia, to equip our youths with skills to manufacture and enable us compete with developed nations,”
he said.

Mr Muguku was also active in multi-level marketing for health products, being one of the ‘managers’ of multi-level marketing group GNLD.
He was laid to rest on October 19.
So ni wale wa ask me how?
 
#16
:D:D:D Nashindwa ni yeye alikuwa anagongana ama ni yeye aligongwa in old age na akafanywa manager huko?

But to run a scam like GNLD in this country for all those decades those mzungus must have very very powerful Kenyan god papas.
He is probably the guy that had a reach to the masses and could bring in many "clients". Those foreigners need such an anchor person. ni partnership. he probably understood the scam.
 

patco

Village Sponsor
#17
Of course. Supplying eggs to Statehouse is not supplying the government?
And how did they land it?

Imeelezwa kwa hio gazeti nimeweka hapo juu.

Gov. Malcolm McDonald saw Muguku's small farm in Sigona na akapewa kazi ya kuleta mayai state house.

After Kenyatta came in, the guy just went on supplying eggs to the same state house.
 

patco

Village Sponsor
#20
He is probably the guy that had a reach to the masses and could bring in many "clients". Those foreigners need such an anchor person. ni partnership. he probably understood the scam.
:D:D So in short Okuyu can never be clean?!

Basi sioni GNLD wakitolewa Kenya any time soon. The Mugukus are tied up with the three first families so tightly they are near royals.

Na siku hizi sioni product za GNLD sana. There are so many other health products in the market nowadays.
 

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