Real estate firm Sameer Africa has attributed the delayed completion of the sale of a 3.75-acre parcel of land, first earmarked for disposal four years ago, to financial challenges facing the buyer.
The Nairobi Securities Exchange (NSE) listed firm put the land on sale for Sh919 million, for sale in 2022.
The transaction has stalled because the purchasing entity continues to navigate cash flow difficulties, hindering the finalisation of the multi-million shilling property deal.
Corporate real estate disposals in the region often face prolonged liquidity hurdles, reflecting broader capital constraints within the commercial property sector.
Sameer Africa has been restructuring its assets to unlock value from its extensive property portfolio, which includes notable commercial developments along major economic corridors in Nairobi.
The company relies heavily on its real estate holdings to anchor its financial performance, making the finalisation of such high-value asset sales critical for its long-term strategic plans.
Despite the protracted delay, the firm continues to manage its broader property interests, including the commercial office spaces within Sameer Business Park, while tracking the buyer's capacity to complete the payment.
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