Centum Real Estate appoints new managing director
Centum Real Estate Limited (Centum RE) has appointed Kenneth Mbae as its new managing director effective 17 March 2022.
Prior to this appointment, Mbae served as the chief operating officer of Centum RE overseeing operations in Kenya and Uganda. He previously served as the founding managing director of Vipingo Development, the largest Centum RE subsidiary, which he led from set up and transformed to a business valued at over KES 20 billion (about $174.6 million) with over KES 9 billion (about $78.6 million) in sales and KES 5.3 billion (about $46.3 million) in cash collections.
Mbae takes over the role from Samuel Kariuki, who has resigned to pursue other interests. Kariuki will be leaving the organisation in June 2022. As the outgoing managing director, he will remain available to work with Mbae to ensure a smooth transition and hand over process.
James Mworia, the CEO of Centum Investment Company PLC, the holding company of Centum RE, said, “We take this opportunity to thank Sam for his service and contribution to Centum RE and wish him tremendous success in his future endeavors. Even as Samuel prepares for his transition, I am confident that the team he leaves behind will continue its focus on the great position of Centum RE and maintaining the growth trajectory that Samuel has laid.”
On his part, Mbae said, “I am excited at the opportunity to lead the team at Centum RE. The company is East Africa’s leading developer of mixed-use urban nodes in the region, with a growing portfolio of large mixed-use developments in Nairobi, Kilifi and Entebbe. I will continue to build on the brand of Centum RE in delivering quality, value for money, timely handover of projects and value to shareholders and investors.”
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