Billionaire David Langat’s Properties Set for Auction

BUSINESS TODAYJul 11, 20231.2k

David Lang'at (R) pictured sharing a moment with President William Ruto at a past function. [Photo/ RAG]

A multi-billion shilling tea estate belonging to Rift Valley tycoon David Lang’at is set to go under the hammer. The 1,342 acre estate located in Nandi County owned by DL Koisagat Tea Estate Ltd, as well as a property in the port city of Mombasa used by Langat’s DL Group to handle and package tea for export, have both been put up for auction.

In a public notice, the auctioneers – Garam Investments – disclosed; “The parcel extends to 1,342 acres… It is developed with an exclusive tea zone for export-oriented commercial tea cultivation. There are 2.47 million tea bushes occupying 958.75 acres. There are 100,942 eucalyptus trees and 2,223 cypress trees.”

The tea estate also includes amenities including a hospital and a school, Koisagat Primary School. In addition, it includes residential areas with managerial houses and workers’ quarters.

“Woodlots are periodically harvested to provide wood fuel to the tea processing,” the auctioneers further disclosed.

The property in Mombasa is located off Moi Avenue. Koisagat is one of the country’s largest exporters of black tea in the country. Besides producing its own tea, it buys teas from other farmers in Nandi county.

“The subject property comprises a 0.7-acre plot developed with a four-storey office block and five go-downs,” said the notice by Garam, adding that the godowns have been put to different uses, including three that are used for processing and packaging of tea products.

Lang’at made his fortune in the import and export business, before expanding into agribusiness, real estate, energy, hospitality, insurance and, more recently, special economic zones (SEZs). According to his firm, DL Group, importing and exporting goods including electronics and furniture was among the earliest activities engaged in after establishing the business in the eighties.

He is among businessmen who backed President Ruto’s State House bid in the 2022 elections. Lang’at was among prominent entrepreneurs and executives appointed to the National Investment Council by President Ruto, with others including billionaire businessman Humphrey Kariuki and Head of M-Pesa Sitoyo Lopokoiyit.