RIL plunges into real estate, buys 10 prime plots in Nairobi

Reliance Industries Ltd. (RIL) has expanded its wings by investing in real estate sector. Mukesh Ambani recently acquired 10 prime plots for their commercial and residential development for an amount of Sh2.9 billion in Nairobi. This deal was jointly inked by RIL and Delta Corp. East Africa Ltd. (DCEAL).
In the deal, RIL owns major stake of 60 per cent while the rest is owned by DCEAL. This is the 2nd tryst of Ambani in real estate. He has previously acquired and developed prime plots within Nairobi which were either sold or rented to international organisation, private firms, and governmental agencies.
DCEAL recently published its annual report. In the report, it has mentioned that DCEAL has acquired 10 prime plots of land in Nairobi with a planned developable area of approximately 1.2 million square feet of commercial and residential assets. There are four under developing projects with DCEAL currently. The company owns a total land of 27.5 acre.
Nairobi was ranked as the city with fastest growth rate in rent for high-end commercial property in 2012 by Knight Frank.

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