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HomeBUSINESSMudavadi's Nairobi Apartments, Offices Minting Millions

Mudavadi’s Nairobi Apartments, Offices Minting Millions

His residential and commercial properties in the city account for almost half of his stated net worth

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Prime Cabinet Secretary Musalia Mudavadi has previously placed his net worth at around Ksh4 billion. While he has holdings and assets including stocks, homes and an aircraft hiring business, Mudavadi has cited rental income as one of his biggest earners.

His residential and commercial properties in the capital account for almost half of his stated net worth.

One of the jewels in his real estate portfolio is Riverside Stables, an upmarket residential development in Nairobi’s Riverside estate. The rental property is located in an exclusive area near diplomatic offices including the German Embassy and Uganda High Commission.

According do disclosures by Mudavadi, Riverside Stables is worth Ksh1 billion. Mudavadi also owns residential office blocks in Nairobi whose worth he placed at Ksh870 million. He owns the blocks through a company known as Tritone Investments.

“If I take my investment in shares in some companies and also some properties I own, I would put my net worth at about Ksh4 billion,” he disclosed.

“My sources of income are rental income, dividends where I have shareholdings and also interest and of course other expenses that come from the farm.”

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Looking beyond the rental income, Mudavadi also holds shares worth Ksh200 million in Exclusive Air Services Ltd— a company specializing in leasing of helicopters. He also is a shareholder of First Assurance Company with shares worth Ksh440 million, and Absa Bank with a Ksh545million stake.

Mudavadi was among major investors in First Assurance Bank who in 2015 sold a 63.3 percent stake in the firm to Absa Group (then Barclays Africa) for Ksh2.2 billion. First Assurance began in Kenya in 1930 as Prudential Assurance Company. It offered group life, medical and general insurance.

Mudavadi has also previously disclosed ownership of vehicles worth Ksh44 million as well as stakes in investment firms Jodeci Investment (Sh120 million) and Malulu Land and Developments (Sh250 million).

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