Established Advisory
Off-Market
Income-Producing Institutional Grade A
Commercial Properties
"Where do I deploy this capital that isn't correlated to equities?"
We originate off-market commercial mandates across Nairobi CBD, Kilimani, Karen, Westlands, Upperhill, Nakuru and other key locations — structuring them for international capital that demands yield certainty, governance transparency, and clear exit pathways.
Private Mandates
Current availability for new advisory engagements. Q2 2026 mandate window now open for qualified institutional partners.
"We do not pool capital. We advise and originate under specific mandate."
Private Collection
Off-Market
Commercial Properties
A curated selection of institutional-grade commercial properties and development sites. Available exclusively to mandated partners and qualified investors.
Grade A Office Tower, Nairobi CBD
Projected 22% IRR
Luxury Hotel, Nairobi CBD
Projected 15.2% IRR
Karen
Projected 24% IRR
Mandates are limited. Current availability: Q2 2026.
Request Business CaseInvestment System
Our Core Strategies
For Predictable, Durable Income
Murivest advises on a focused set of real estate strategies where scale, governance, and risk-adjusted returns can be clearly underwritten across market cycles.
Grade A Office Assets
Acquisition of institutional-quality office buildings within established commercial nodes, emphasizing tenant covenant strength, lease duration, and long-term income resilience. Underwriting prioritizes downside protection, asset liquidity, and sustainable occupancy fundamentals.
Target Yield: 8.5% – 10.0% | WAULT: 5+ Years
Hospitality & Hotel Assets
Selective investment in operational hospitality assets within high-demand urban and tourism corridors. Evaluation framework emphasizes operator quality, RevPAR sustainability, brand strength, and cash flow stabilization under conservative demand assumptions.
Stabilized Yield Target: 10.0% – 12.5%
Retail & Mixed-Use Hubs
Strategic acquisition of necessity-driven retail and integrated mixed-use centers anchored by defensive tenant categories. Underwriting emphasizes footfall durability, tenant diversification, lease rollover risk, and structural demand fundamentals.
Target Yield: 9.5% – 11.5% | Diversified Tenant Mix
"The best investment on Earth is earth." — Louis Glickman
View PortfolioInstitutional Standards
Exit Strategy &
Risk Mitigation
In Kenya's commercial real estate market, the risks that destroy returns are rarely market risks — they are structural ones. Fraudulent title, premature exit, and unplanned disposal have cost foreign investors billions. Murivest engineers the exit before the acquisition closes, and structures every holding to eliminate the risks that due diligence alone cannot prevent.
7 – 10
Year Hold
Exit Is Designed at Entry
McKinsey's 2026 Global Private Markets Report records the average institutional hold period at 6.6 years — the highest since 2005 — with 52% of buyout-backed assets held beyond four years. Murivest maps your exit pathway, target buyer profile, and disposal window at mandate inception, so every lease signed, every value-add decision, and every covenant negotiated is engineered toward a defined, timed, maximum-value exit.
McKinsey Global Private Markets Report 2026
40%
of Kenya Corruption Cases Are Land Fraud
Kenya's Title Risk Is Not Theoretical
The EACC reported in 2023 that land fraud constitutes over 40% of all corruption cases in Kenya, with Nairobi at the epicentre — and the Ministry of Lands confirmed over 10,000 active fraud investigations in 2024 alone. Every Murivest mandate begins with a forensic title audit, Ardhisasa verification, confirmed encumbrance search, and KRA CGT-1 compliance — because foreign capital under Article 65(1) of the Constitution has zero recourse if a title is challenged post-transfer.
EACC 2023 · Ministry of Lands Kenya 2024 · Kenya Constitution Art. 65(1)
3
Compliant Exit Routes — One Is Yours
Liquidity Is Structured, Not Hoped For
Institutional sale to a pension fund or sovereign buyer commands the tightest cap rate and highest transfer value for stabilised, blue-chip-tenanted assets. Recapitalisation releases partial liquidity while preserving your operational position, unlocking a second exit event 3–7 years later. Sale leaseback — McKinsey's most resilient structure in tightening credit conditions — converts equity to deployable capital without vacating. The correct route is selected at mandate inception and structured for full CGT efficiency, IFRS 16 compliance, and clean cross-border repatriation.
McKinsey GPM 2025 · KRA CGT Framework · IFRS 16
"Capital trapped in the wrong structure is not invested — it is imprisoned."
Market Intelligence · Q2 2026
Nairobi Commercial
Real Estate Review
Nairobi's commercial property market is in structural rebalancing — not correction. The oversupply of 5.7 million square feet of office space, accumulated between 2016 and 2022, is compressing. Vacancy in prime nodes fell 0.4 percentage points in 2024 as the market bifurcates sharply: Grade A assets in Westlands, Gigiri, and Karen are absorbing at materially faster rates than the secondary market. Institutional capital is concentrating in income durability, not speculative appreciation.
Industrial and logistics assets are performing strongest — Africa-wide warehouse occupancy reached 83% in H1 2025, a 10.7% year-on-year increase, driven by e-commerce expansion and agro-industrial demand. The supply-demand imbalance for Grade A logistics facilities in Nairobi creates an entry window that is narrowing. Murivest underwrites only against these structural fundamentals — not cyclical sentiment.
Sources: Cytonn NMA Commercial Office Report 2025 · Cytonn 2025 Real Estate Markets Outlook · Knight Frank Africa Industrial Dashboard H1 2025 · Knight Frank Kenya H2 2024 Market Update
Data: Cytonn NMA Office Report 2025 · Cytonn Retail Sector 2024 · Knight Frank Africa Industrial H1 2025 · Knight Frank Kenya H2 2024 · Cytonn 2025 Real Estate Markets Outlook
Investment Implications
Where Capital Is
Concentrating
The headline vacancy figure of 19.3% across Nairobi office misrepresents the investment opportunity for institutional capital. Grade A assets in Westlands — the best-performing node — delivered 8.5% average yields in 2024 against a market average of 7.8%. The flight-to-quality thesis is confirmed: tenants are vacating Grade B and Grade C space to upgrade, concentrating demand and income durability in well-located, high-specification buildings.
Industrial and logistics assets represent the market's strongest structural play. Africa-wide warehouse occupancy reached 83% in H1 2025, up 10.7% year-on-year, with Knight Frank's Kenya research confirming a persistent Grade A supply-demand imbalance. The Nairobi Metropolitan Area accounts for 90% of Kenya's industrial space — with Nairobi County alone holding 66% of all industrial stock. Prime logistics yields of 9.5% in H1 2025 reflect both income quality and scarcity premium.
Mixed-use developments delivered the highest sectoral yield in the NMA at 8.4% in FY 2024, outperforming both standalone office and retail — a structural advantage that Murivest underwrites specifically in Karen, Westlands, and Gigiri corridor mandates.
Risk Considerations
What the Aggregate
Numbers Conceal
Gross non-performing loans in Kenya's building and construction sector increased 18% year-on-year to KES 43.8 billion in H1 2024 — a signal that developer distress in the mid-market is real and rising. New office supply of 0.6 million square feet entered the Nairobi market in 2024, with a further 0.2 million square feet in the 2025 pipeline. The absorption rate for secondary and tertiary office space remains structurally weak.
Nairobi retail faces a documented oversupply of 3.6 million square feet within the NMA alone, with a further 1.9 million square feet across the rest of Kenya. Some malls are operating below 50% occupancy. The investment thesis for retail concentrates exclusively in necessity-driven, anchor-led retail at destination nodes — not speculative mall development.
Murivest's underwriting framework stress-tests income resilience across conservative demand scenarios — modelling vacancy deterioration of 5–8 percentage points above current levels — before recommending any acquisition. Downside protection precedes upside pursuit in every mandate.
7.2%
Overall NMA Avg Rental Yield
FY'2024 across all sectors
Cytonn 2025 Real Estate Markets Outlook
83%
Africa Warehouse Occupancy
H1 2025 — decade high
Knight Frank Africa Industrial H1 2025
5.7M
sqft Office Oversupply — NMA
Down from 5.8M (2023)
Cytonn NMA Office Report 2025
Murivest publishes a quarterly intelligence pack for mandated partners only — covering corridor-level yield analysis, vacancy compression modelling, infrastructure corridor mapping, and post-tax return scenarios across commercial, industrial, and mixed-use asset classes.
Available to mandated partners · KYC required · Not publicly distributed
Investment Framework
Five Principles.
One Objective.
Kenya's HNWI community is rotating capital faster than at any point in the market's history — away from lifestyle property, toward income-producing commercial assets. Knight Frank confirmed the share of HNWI wealth held in primary homes collapsed from 50–60% to just 22% in a single year. That capital is moving somewhere. The only question is whether it moves into a structure that protects it — or into the informal mid-market that destroyed KES 43.8 billion in NPLs in the first half of 2024 alone.
Market Philosophy
22%
Kenya HNWI wealth in primary homes
↓ from 50–60% in 2024
Knight Frank Wealth Report 2025
Income That Endures. Not Appreciation That Disappears.
Kenya's wealthiest are making the same structural shift that European family offices completed a decade ago — away from lifestyle assets, toward income-producing commercial real estate. Knight Frank's 2025 Wealth Report confirmed this reallocation in a single year: primary home wealth exposure collapsed from 50–60% to just 22%. That capital does not sit idle. It rotates into assets with documented, distributable yield. UHNWI capital that fails to find an institutionally-governed vehicle is not protected — it is exposed to the informal mid-market that destroyed KES 43.8 billion in building and construction NPLs in H1 2024 alone.
Asset Selection
9.5%
Prime logistics yield — Nairobi H1 2025
83% Africa warehouse occupancy
Knight Frank Africa Industrial H1 2025
Where the Data Points. Before the Market Arrives.
Africa-wide warehouse occupancy hit 83% in H1 2025 — up 10.7% year-on-year — the highest recorded figure, driven by e-commerce expansion and agro-industrial demand. Knight Frank confirms a persistent Grade A supply-demand imbalance across Nairobi's industrial corridors. Prime logistics assets delivered 9.5% yield in H1 2025 — the highest of any institutional commercial class in the market. MSCI's 2025 Real Estate outlook is unambiguous: investor preference is concentrating in industrial assets and properties exposed to structural socioeconomic shifts. Murivest selects logistics and mixed-use mandates first, then Grade A office exclusively in Westlands (8.5%) and Gigiri (8.2%) — the two nodes where flight-to-quality is confirmed and vacancy is compressing.
Underwriting DisciplineMURIVEST STD
5–8pp
Vacancy stress test above current market
Murivest Standard — applied to every mandate
Murivest Underwriting Protocol
Downside Protection Is Not Optional. It Is the Strategy.
McKinsey's GPM Report 2025 is explicit: financial engineering is fading. At median entry multiples of 11.9x EBITDA, leverage-driven returns are increasingly difficult to achieve — and top-quartile funds now derive 39% of returns from operational value creation rather than multiple expansion or cheap debt. Murivest applies the same logic to Nairobi commercial real estate: every acquisition is stress-tested against a 5–8 percentage point vacancy deterioration above current market levels, a 15% rent reversion on key leases, and a 12–18 month extended lease-up period. An acquisition is approved only when the downside scenario still protects capital. Mid-market developers who skipped this step account for the KES 43.8 billion in NPLs confirmed by Cytonn for H1 2024.
Capital Structure
14%
of maturing US CRE loans underwater in 2025
~$500B at risk globally — MSCI 2025
MSCI Real Estate in Focus 2025
Leverage Amplifies Returns. It Also Amplifies Losses.
MSCI's 2025 analysis found that approximately 14% of nearly $500 billion in US commercial real estate loans maturing in 2025 are underwater at current price levels — a direct consequence of over-leveraged acquisitions made at peak cycle pricing. In Europe, properties bought near the 2021 peak are worth less than their outstanding loan balances. Murivest structures every Nairobi mandate with conservative leverage ratios underwritten against a rising-rate scenario — not a falling-rate assumption. Debt is sized to what the asset's income can service under stress, not what the acquisition arithmetic requires. Kenya's 5.2% projected GDP growth (World Bank/IMF 2025) provides structural demand support that most over-leveraged global markets cannot claim.
Investor Access
0.003%
of global population are UHNWI
Control >⅓ of world's privately held wealth
Knight Frank / Simple 2025
626,000 UHNWIs. Fewer Than 0.003% of the Population. Almost None With This Access.
UHNWIs represent fewer than 0.003% of the global population yet control more than one-third of the world's privately held wealth. McKinsey identifies UHNWI and family office capital as one of only three mechanisms capable of backfilling the 15–20% annual fundraising shortfall in private markets — and confirms that firms successfully tapping this channel are among the few bucking the current capital drought. What separates a UHNWI from an institutional allocator is not conviction in a market — it is access to its best assets, structured correctly. Murivest provides off-market access, fiduciary underwriting, and a defined exit pathway from day one. Every mandate is exclusive. Nothing pooled. Nothing speculative. Everything structured for the investor who requires infrastructure around their wealth, not just exposure to it.
8.4%
Mixed-Use Development Yield — NMA
Highest sectoral yield FY'2024
Cytonn 2025 Real Estate Outlook
39%
Top-Quartile Fund Returns from Operations
Not leverage or multiple expansion
McKinsey GPM Report 2025
5.2%
Kenya GDP Growth 2024–2026
Structural commercial RE demand driver
World Bank / IMF 2025
"Every Murivest mandate begins with one question: if this market deteriorates by 20% the year after we acquire, does the investor's capital survive? If the answer is no, we do not proceed."
Mark Muriithi — CEO, Murivest Realty Group
Environmental, Social & Governance
ESG Framework
Aligned With Institutional Capital
Murivest integrates responsible investment principles and green building benchmarks into its acquisition advisory process, reflecting the expectations of institutional capital allocating into East Africa.
Responsible Investment Principles
Murivest integrates globally recognized responsible investment principles into its underwriting and advisory mandates. Investment screening and due diligence are aligned, where applicable, with the UN-supported Principles for Responsible Investment (PRI), ensuring environmental, social, and governance factors are embedded within risk-adjusted return analysis rather than treated as peripheral considerations.
Alignment: PRI-Informed Screening
Green Building & Climate Standards
Assets are evaluated against green building frameworks relevant to East Africa, including IFC EDGE certification and LEED standards administered by the U.S. Green Building Council. Priority is given to developments demonstrating measurable efficiency in energy, water, and embodied carbon, alongside climate-adaptive design appropriate for regional conditions.
Focus: EDGE / LEED Benchmarking
Governance, Transparency & Reporting
Institutional governance structures, legal compliance, and structured reporting protocols form the foundation of each transaction. ESG performance indicators may be tracked alongside financial metrics in accordance with Global Reporting Initiative (GRI) principles, supporting the disclosure requirements of European family offices, pension funds, and fiduciary capital partners.
Standard: GRI-Oriented Reporting
Long-duration capital requires long-duration stewardship.
Explore Full ESG Framework
Executive Leadership
Mark Muriithi
Chief Executive Officer & Founder
“Institutional real estate capital is not deployed for momentum — it is allocated for durability. Our responsibility is to protect downside first, structure intelligently second, and pursue disciplined upside third.”
Mark Muriithi founded Murivest Realty Group in 2025 with a mandate to build Kenya's first institutionally-structured commercial real estate advisory practice oriented toward international capital. He brings a background spanning technology, commercial distribution, and real estate sales — disciplines that inform Murivest's integrated approach to deal origination, asset positioning, and investor relations. His early career included commercial roles at Vineyard Properties Ltd, where he developed hands-on experience in property transactions and client acquisition across the Kenyan market. He subsequently held senior commercial positions in distribution and marketing, building the capital markets literacy and cross-sector network that underpins Murivest's advisory model.
Under his leadership, Murivest has been structured to align with global institutional expectations — emphasizing underwriting rigor, governance integrity, ESG integration, and cross-border capital reporting standards consistent with pension funds and European family office requirements.
Global Standards
Steady Income • Generational Cashflow • Capital Preservation
Murivest Realty Group is an independent advisory firm. We do not offer unlicensed financial products or pool capital from the general public. All engagements are by mandate only and subject to rigorous KYC/AML verification.