Nairobi News

HustleNews

City billionaire denies putting Sh76bn estate up for sale

Billionaire Madatali Chatur has denied reports that he is offloading his Sh76 billion real estate portfolio, arguing that he has only handed over one of his properties to consultancy Knight Frank for management.

Mr Chatur said there were plans to offload just one residential building along Limuru Road as part of a capital raising plan, but he opted to keep it and hire a real estate consultancy to help generate more revenue from it.

The businessman added that he is in talks with City Hall to settle a land dispute over a car bazaar.

DEMOLITION NOTICE

Nairobi County had issued Mr Chatur with a demolition notice for the Gigiri property, arguing that it sits on public land that was reserved for the construction of a fire station.

He has now engaged City Hall in out-of-court talks, and said he is ready to build a fire station for the county on an alternative piece of land in Gigiri.

“The Gigiri property was sold by the county to a third party, who then sold it to the Chatur Group of Companies. The group is ready to help the county establish a full-fledged fire station on any piece of land that the county will identify as part of the out-of-court negotiations,” the tycoon’s lawyer, Mr Evans Ondieki, said at a press conference on Tuesday.