By Jackson Okoth.
A number of deep pocketed Savings and Credit Co-operatives (Saccos) are setting up ultra-modern complexes with a view to leasing or renting out office space to interested parties. This segment of the property market is becoming an attractive option for the Saccos eager to pump more cash in the form of rental income into their balance sheets.
Mwalimu National, Imarisha Sacco and Kenya Police Sacco are in the list of Societies that are already leasing or renting out space within their newly acquired office blocks.
“What is driving Saccos to go into the business of leasing or renting out office space is the high returns with rental yields now averaging 9.4 per cent,” said Nancy Murule-Research Analyst at Cytonn Investments Management Limited.