A government plan to secure a prime office block in Nairobi’s central business district has gained momentum after lawmakers set aside Sh1 billion to support the planned purchase of Jubilee Insurance House, a multi-storey property currently owned by Jubilee Holdings and under negotiations with the National Treasury.
The allocation forms part of a broader Sh2.5 billion proposal aimed at acquiring the five-storey building situated along Wabera Street, close to City Hall, where Nairobi County offices are based. The property has remained unused for about a year after Jubilee Holdings shifted its operations to a larger headquarters in Upper Hill.
Approval of the funds came through the National Assembly following the adoption of Supplementary Estimates No 1 for the 2025/26 financial year, with the Budget and Appropriations Committee recommending the inclusion of the Sh1 billion allocation for the Treasury.
“Increase Sh1 billion for Jubilee House (National Treasury Addendum),” said committee chairperson Samuel Atandi in the report presented to the House.
While endorsing the purchase plan, lawmakers drew a line on additional spending tied to the building. The committee stopped the Treasury from using Sh400 million meant for refurbishing the offices at Jubilee Insurance House until the acquisition process is completed.
The caution followed scrutiny of the supplementary budget for the State Department for National Treasury, where the Finance and National Planning committee reviewed the proposal and supported the full Sh2.5 billion allocation for the purchase, while rejecting early renovation spending.
The committee, led by Molo MP Kuria Kimani, advised the Budget and Appropriations Committee against approving the Sh400 million refurbishment plan, noting that the building is still under lease and talks for its purchase have not been finalised.
“The committee expressed concern over the justification for committing substantial resources toward renovating a property that has not yet been formally acquired by the government,” Kimani said.
“It was observed that proceeding with the refurbishment of Jubilee Insurance House for Sh400 million before the conclusion of the acquisition process exposes public funds to significant risk, particularly if negotiations fail or the purchase is delayed.”
Jubilee Holdings has already signalled its intention to dispose of the property, estimating that the sale could fetch about Sh2 billion.
The company’s latest annual report shows that its land and buildings were valued at a net book value of Sh2.12 billion at the end of 2024.
Jubilee Insurance House is designed with four wings and contains a range of office spaces starting from 220 square feet, making it suitable for different types of businesses, from small firms to larger organisations.
