The project entails revamping the existing facility into a world-class manufacturing and warehouse level, with an aim to improve its efficiency;
The upgrade comes barely two years after GRIT Real Estate Income Group completed the acquisition of the personal care manufacturing facility from businessman Sachen Chandaria, for $37.7 m in March 2022.
Once completed, the new A-Grade facility which will have been developed in line with International Finance Corporation’s green building guidelines, will have a total plinth area of 10,721 SQM.
The completion date is however yet to be disclosed.
Kenya’s industrial sector activities and performance have been improving owing to various factors such as the rapid infrastructure developments, Kenya’s recognition as a regional hub thereby attracting both local and international investors, a rapidly growing population driving demand for goods and services, and the boom in e-commerce.
However, it is worth noting that the sector is still undersupplied with quality warehouse facilities that meet global standards. Moreover, green buildings haven’t been optimally tapped in Kenya, however, they have been marginally gaining momentum with various occupiers looking to save on energy costs.
As such, we commend GREA’s initiative to rehabilitate OPAL to better standards.
Additionally once completed, the manufacturing facility will join other industrial properties by GRIT such as the Imperial Warehouse in Kenya, and Bollore Warehouse in Mozambique, under Bora Africa, a REIT-like investment vehicle by Grit.
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