The Delta Centre in Upper Hill and the Delta Corner in Westlands are some of the landmark projects carried out by the Delta Corp East Africa Limited (DCEAL). DCEAL is a joint venture between Reliance Industries Limited and Delta Corp Limited. Reliance Industries Limited (RIL) holds 58.8% of the venture and Delta Corp Ltd controls the rest. However, Delta Corp is liquidating its investments after announcing in 2013 that it is winding up its business in Kenya.
The company plans to exit the Kenyan property market by March this year. In February, RIL liquidated more of its investments to the tune of Ksh 189 million as reported in the Business Daily.
DCEAL entered the Kenyan office space and residential development market in 2007 where it invested approximately Ksh 974 million. After 6 years, DCEAL has raked profits between Ksh 1.95 billion and Ksh 2 billion – more than double their investment.
In the 6 years, the joint venture has successfully completed 4 projects and has acquired 10 prime properties totaling 27 acres in strategic locations in Nairobi.
- Westlands Delta Corner: The twin towers are reportedly said to have an area of approximately 250,000 square feet of office space. It was bought in 2013 at an estimated price of Ksh 4billion. It was bought jointly by the University of Nairobi Staff Pension Scheme and audit firm PricewaterhouseCoopers (PwC).
- Delta Centre Upper Hill: The 21-storey office block was sold to the World Bank at approximately Ksh 2.2 billion in 2011
- Delta Riverside:This project comprised of 4 office blocks. It was sold at an undisclosed amount.
- Delta Plains:This is a residential development in Athi River
There are plans to develop the property acquired. Delta Point is planned to be put up in Upper Hill. The commercial office space is estimated to provide an additional 53,820 square feet. The Delta Chambers are to be located along 4th Ngong Avenue and will provide 43,432 square feet of office space.
For more information read the Business Daily article.