Jubilee Insurance acquires ex-Coca-Cola office at Ksh.1.1 billion

Jubilee Holdings Limited has paid Ksh.1.1 billion for Coca-Cola East Africa’s former offices in Nairobi’s Upper Hill, with the insurance company preparing to relocate its headquarters in September this year.

According to Business Daily, the underwriter will lease out a portion of its current home, Jubilee Insurance House on Wabera Street, which will also serve as a base for its agents and customer service.

“We bought the Coca-Cola building at a cost of Ksh.1.1 billion. We got a very good deal,” said Jubilee Holdings chairman, Nizar Juma.

Besides the corporate office, the company’s investment management, life, and health operations will all relocate to the Upper Hill location.

The home, which is situated on 3.2 acres, had been on the market for over two years. After relocating to a new structure in Lavington, Coca-Cola announced the sale of the property in July 2019.

Jubilee claims that the recently purchased property’s expansion and remodeling will allow it to expand and renovate its activities. An amphitheater will be built as part of the refurbishment.

According to Juma, the corporation was primarily driven by the price while purchasing the land.

“We got a good deal. They had been trying to sell for some time,” Juma said.

In its full-year earnings for the full year ended December 31, 2021, the company posted a Ksh.6.8 billion net profit.

It declared a Ksh.1 billion dividend where shareholders will pocket Ksh.14 per share. This will be payable by July 25, 2021.

The company declared a final dividend of Ksh.8 per share and a special payout of Ksh.5 per share to reward shareholders.

“The board is also pleased to recommend for shareholders’ approval, a special dividend of Kes 5 per share to reflect the impact of the Jubilee Allianz transaction. Both the 2021 final dividend and special dividend will be paid on or about July 25, 2022, to members on the register of members at the close of business on June 22, 2022.” Jubilee Insurance in their financial release.

The Ksh.6.8 billion profit record is compared to Ksh.4 billion it recorded in 2020.

The group attributed the growth to investment income as they increased which was increased from Ksh.4.6 billion to Ksh.15.9 billion.

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