The Kenya Power Pension Fund (KPPF) has proposed to build a Ksh. 2.3 billion apartment complex in Nairobi’s Kilimani area.
According to filings made by KPPF to the National Environmental Management Authority (NEMA) seeking approval for the project, the 16-floor building will contain 288 units of two and three-bedroom apartments.
The property is to be put up on a piece of land measuring 1.67 acres in size, located along Kirichwa road.
Details of the property outlined in the Environmental Impact Assessment report shows that the building will comprise of four basement floors with a capacity to park 450 vehicles.
The structure’s 16 floors will 96 three-bedroom units and 124 two-bedroomed apartments each with a domestic servant’s quarter (DSQ).
In addition, the building will offer 68 two-bedroomed apartments without servants quarters while the lower and upper ground floors will be reserved for a restaurant, a swimming pool and a gym.
KPPF is a defined contributions scheme whose purpose is to provide benefits and pension for all permanent and pensionable employees of Kenya Power.
The Fund is among the largest Pension Funds in Kenya with investments spanning various asset classes.
In the first quarter of 2020, the Fund recorded a return of -5.06% compared to industry weighted average performance of -7.7% in the same period according to a Zamara Consulting Actuaries Schemes Survey.