Ruto's Apartments Making Millions in Nairobi – Business Today Kenya
President William Ruto makes no secret of his come-up in the world of business, and a big part of his ‘Hustler’ story lies in the real estate sector. The President has over the years invested in properties in different parts of the country, including in the capital Nairobi.
Like many of his other investments. the President’s apartments also haven’t been without controversy. In this article, Business Today looks at some of the apartment buildings in Nairobi associated with President William Ruto.
Details of some of the properties surfaced as a result of housing policy changes in the National Police Service (NPS) in 2018, as companies associated with Ruto, then the Deputy President, were among those leasing out apartments to the service to house officers. These companies enjoyed lucrative, steady revenue streams in an uncertain market as the government was paying an average of Ksh28,000 to house each officer.
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Easton Apartments is a high-rise residential real estate development located along Jogoo Road in Nairobi. Through Legend Management, the President had leased out 100 units at Easton Apartments to the police service.
Legend Management was collecting Ksh26.4 million a year in rent from the apartment building. The lease was entered into on February 28, 2018 and was slated to end on February 27,2021. Had the lease been left to run for its entire four-year duration, Easton apartments would have made Ksh105 million.
O’sere Flats is a high-rise residential development located in Ongata Rongai, along Kitengela Road. At one point, a total of 170 units at O’ Sere Flats had been leased out to the National Police Service with separate agreements under Legend Management and Matiny Ltd – a company registered by Ruto in 1996
The company leased 98 units to the police for an annual rent of Ksh20.3 million, with the three-year contract expiring on June 3, 2018. Matiny received a total of Ksh61 million in the deal.
Through Legend Management Ltd, 72 units at O’sere Flats were leased out to the police service in Ongata Rongai for an annual sum of Ksh16 million. The lease ran from December 12, 2017 to December 7, 2020.
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