Mauritius firm completes purchase of Kenya’s Orbit factory

Mauritius-based Grit Real Estate Income Group has completed the purchase of Orbit Products Africa’s manufacturing facilities from businessman Sachen Chandaria in a multi-billion-shilling transaction.

Kenya’s Business Daily newspaper cited the multinational as saying that it is investing a total of $53.6 million (Sh6.1 billion or Rs2.3billion) to acquire the property and develop it further, with Orbit remaining as a tenant for an initial 25-year lease on the existing factory and warehouses.

Orbit is a contract manufacturer for global firms such as Reckitt Benckiser, Colgate-Palmolive, and Unilever, producing the fast-moving consumer goods in 20 acres of land in Mlolongo, Machakos which houses the factory.

“The board of directors … announces that all the conditions precedent related to the share purchase agreement governing the Orbit Africa sale-and-leaseback transaction in Nairobi, Kenya, have been fulfilled and that such acquisition has now been completed by the company,” Grit said in a notice.

“The board looks forward to the successful completion of the redevelopment and expansion of the Orbit Africa warehousing and manufacturing facility, which is expected to be completed in the fourth quarter of 2023 when it will be let on a new 20-year triple-net lease to Orbit Products Africa Limited.”

Original article at Business Daily