Cape Holding Limited, owner of the multi-billion-shilling 14 Riverside Drive property housing the Dusit D2 hotel, has filed an urgent court case to block an auction scheduled for April 11, 2025.
The company accuses Synergy Industrial Credit Limited of illegally inflating a Ksh.700 million debt to Ksh.9 billion and violating auction rules by shortening the redemption period from 59 to 21 days.
Cape’s lawyer, Alln Gichuhi, argues the sale is unlawful due to expired warrants, lack of a reserve price, and no fresh valuation of the property’s six blocks. Director Vinaychandra Sanghrajka claims the real dispute is over Sh1.5–1.8 billion and that repeated auction attempts have scared off tenants, causing financial losses.
The case is complicated by a prior dispute with I&M Bank, which claims priority over the property due to a Ksh.2.82 billion loan, though a Court of Appeal ruling clarified the property isn’t legally charged to the bank.
Synergy, owed Ksh.5 billion since 2010, insists on proceeding with the auction, while Cape and the bank argue Synergy’s actions undermine legal and financial processes.
The 5.2-acre property near the University of Nairobi’s Chiromo Campus includes five office blocks, a five-star hotel, and other amenities.
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