Centum, backed by Kirubi family, leads East Africa’s urban shift

Key Points

• Centum RE delivered over 1,000 homes in 2024, driving East Africa’s urban shift with a Ksh40 billion ($309.2 million) asset base amid economic headwinds. 
• Two Rivers sees rental yields hit 15% as UN expansion boosts leasing demand from diplomats and expats near Nairobi. 
• Kirubi heirs support Centum RE’s growth as real estate losses narrow and investor confidence rises with landmark bond listing.

Centum Real Estate (Centum RE), the property development arm led by Mary-Ann Musangi and Robert Kirubi — heirs of the late Kenyan tycoon Chris Kirubi — is taking a front-row seat in East Africa’s real estate transformation. Heading into its 2026 fiscal year, the company has firmly established itself as a major force in shaping the future of cities in Kenya and Uganda.

In 2024, Centum RE made strong strides, delivering major projects and gaining global recognition for its work. The company’s growing footprint shows a clear commitment to raising living standards and redefining how communities live, work, and play across the region.

Delivering homes, building communities

Managing Director Kenneth Mbae calls 2024 a defining year for Centum RE. He highlights the company’s achievements not just in building homes, but in helping families and investors secure their futures. “We enabled thousands of families to attain homeownership and provided investors with stable, appreciating assets,” says Mbae.

Over the course of the year, Centum RE handed over 384 residential units across key developments like The Loft Residences in Nairobi and Bella Vista Apartments in Uganda. These deliveries pushed the company’s post-Covid home completions to over 1,000 units. With its focus on creating integrated urban hubs, Centum RE is behind some of the region’s most exciting projects, including Two Rivers Social City, Vipingo Development Park, and Pearl Marina.

Raising the bar for high-end living

At the center of this push is Two Rivers, one of Centum RE’s signature developments, which has become a top choice for diplomats and expatriates. Its location — close to embassies, international organizations, and major business hubs — has driven strong demand, particularly as the United Nations ramps up its activities in Nairobi.

Rental yields at Two Rivers are among the highest in the city, ranging between 10% and 15%, with many leases signed by UN officials and embassy staff. Mbae credits this success to Centum RE’s focus on sustainable, environmentally friendly development. “Our projects are EDGE-certified and designed with energy-efficient features, expansive green spaces, and water-saving technologies,” he says. These efforts earned Centum RE more than 20 international awards in 2024, cementing its reputation as a leader in responsible real estate.

Backed by the Kirubi legacy and a stronger financial footing

Behind Centum RE’s growth are Robert Kirubi and Mary-Ann Musangi, who inherited their father’s 31 percent stake in Centum Investment Company — a group that also holds interests in KCB Group and Haco Industries.

Their continued involvement comes at a time of improving fortunes for the business. Centum Investment narrowed its net loss to Ksh346.64 million ($2.68 million) in the first half of 2025, while Centum RE cut its losses to Ksh165.27 million ($1.28 million), a big improvement from Ksh518.85 million ($4 million) a year earlier.

Centum RE’s efforts to strengthen its balance sheet are also paying off. The company, which manages assets worth about Ksh40 billion ($309.2 million), made history by listing the first real estate bond on the Nairobi Securities Exchange, successfully raising Ksh3 billion ($23.2 million). The move sends a strong signal about its commitment to transparency, good governance, and building long-term investor trust.