Nairobi, Kenya, 26 June 2026: One of Nairobi’s most recognisable skyline landmarks — the 24-storey Le’Mac Tower in Westlands — is at the centre of a high-profile property auction that has sent ripples through the country’s luxury real estate market.
Auctioneers Garam Investments have announced the impending sale of 40 two-bedroom apartments and five commercial units within the tower, acting on instructions from the administrator of Mark Prime Properties Limited, the company that developed and owns the building.
The auction is the latest and most consequential development in a multi-year financial and legal ordeal surrounding what was once promoted as Kenya’s boldest vertical living statement — a Dubai-inspired glass skyscraper complete with a suspended glass skywalk 126 metres above ground, rooftop swimming pool, spa, gymnasium and an upmarket café at street level.
What was once a symbol of ambition is now a case study in the risks that accompany large-scale luxury development in an economy prone to liquidity shocks and protracted legal disputes.
THE BUILDING: WHAT IS LE’MAC TOWER?
Le’Mac Tower rises 24 storeys (plus roof structure) above Church Road in Westlands — one of Nairobi’s most commercially active and high-value suburbs.
Sitting on 1.32 acres of prime land with Land Reference Number 1870/VII/271, the tower is flanked by notable neighbours including Sanlam House and Safaricom’s headquarters, cementing its position within Nairobi’s premier business and residential corridor.
Developed by Mark Properties — the company of businessman Ravi Vasta — the project was conceived as a Dubai-style mixed-use destination targeting wealthy Kenyans, expatriates and diplomats.
At completion in 2019, the total investment was estimated at approximately Ksh 4.2 billion (around US$ 41.5 million), financed through private equity. The building is currently valued at close to Ksh 5 billion.
| Feature | Details |
|---|---|
| Location | Church Road, Westlands, Nairobi |
| Land Parcel | LR No. 1870/VII/271 — 1.32 acres |
| Total Storeys | 24 (plus roof structure) |
| Height | 126 metres |
| Building Type | Mixed-use: commercial + residential |
| Office Floors | Floors 1 to 6 |
| Residential Floors | Floors 8 to 22 |
| Unit Types | 1-, 2- and 3-bedroom apartments |
| 23rd Floor | Spa and business centre |
| Roof (Le’Mac Sky Club) | Pool, gym, sauna, steam rooms, restaurant, lounges |
| Distinctive Feature | 60mm transparent glass skywalk at 126m |
| Ground Floor | Le’Mac Café and banking hall |
| Parking | Three basement levels |
| Completion / Opening | 2019 |
| Total Development Cost | ~Ksh 4.2 billion (approx. US$41.5 million) |
| Current Estimated Value | ~Ksh 5 billion |
| Developer | Mark Prime Properties Limited / Mark Properties |
| Developer MD | Ravi Vasta |
WHAT EXACTLY IS BEING AUCTIONED?
The auction encompasses two distinct categories of property within the tower, all registered under Mark Prime Properties Limited (in administration):
- Residential units: 40 two-bedroom apartments spread across various floors within the residential section of the tower (floors 8–22).
- Commercial units: Five commercial/office units located within the lower commercial floors of the building.
The formal auction notice published by Garam Investments reads: “All that parcel of land known as Land Reference Number 1870/VII/271, Le Mac, Church Road, Westlands, Nairobi, all registered in the name of Mark Prime Properties Limited (under administration).”
It is important to note that this auction does not cover the entire Le’Mac Tower.
The 40 apartments and five commercial units being disposed of are those that remained registered under Mark Prime Properties Limited — units that were never sold and transferred to individual buyers, or whose sales were not completed.
The broader building continues to have individual unit holders, a separate Le’Mac Management Company, and a range of operational tenants and residents. What is being liquidated is the developer’s retained inventory and commercial stake.
WHY IS THE AUCTION HAPPENING? THE FINANCIAL AND LEGAL STORY
The road to this auction stretches back several years, and involves unpaid loans, a court-supervised administration process, acrimonious legal disputes with legal counsel, and a construction finance model that ultimately could not withstand the pressures of an extended development cycle.
Placed Under Administration in 2021
The pivotal moment came on 26 March 2021, when Mark Prime Properties Limited was placed under administration by its financier, I&M Bank Limited, pursuant to proceedings in Insolvency Cause Number 010 of 2021.
Ponangipalli Venkata Ramana Rao (referred to as PVP) was appointed as administrator, a role that transfers full management control of the company away from its directors — including founder Ravi Vasta — and vests it in the administrator, who assumes responsibility for managing the company’s assets and affairs to achieve the statutory objectives under Kenya’s Insolvency Act.
The exact value of the outstanding loan to I&M Bank has not been publicly disclosed. However, its severity is evidenced by the bank’s decision to trigger the administration mechanism — an extreme step reserved for when a borrower’s financial position is deemed sufficiently critical to warrant placing the company under external management.
| “Mark Prime Properties Limited was placed under administration on 26 March 2021, by its financier, I&M Bank Limited — triggering a process that would ultimately lead to the forced sale of 40 luxury apartments and five commercial units in Nairobi’s iconic Le’Mac Tower.” |
Legal Disputes Compound the Crisis
Court records reveal that the financial strain was accompanied by a series of legal disputes that complicated efforts to stabilise the company.
In 2021, Mark Prime Properties Limited sued Coulson Harney LLP Advocates — a prominent Nairobi law firm — in a dispute over Ksh 136.9 million in proceeds that had been collected from purchasers of units at Le’Mac.
The developer argued that the advocates should surrender buyer funds following the termination of their professional relationship.
The advocates disputed the quantum, stating that they had received Ksh 93.5 million (not the amount claimed) and had already accounted for those funds.
The dispute shed light on the complexities surrounding the collection, handling and disbursement of buyer funds at a time when unit registrations were still incomplete — a situation that affected confidence among prospective purchasers and existing unit holders.
Separately, Mark Prime Properties was also embroiled in a dispute with Globe Developers Limited over commercial arrangements connected to the development, with court filings showing disagreements over contractual obligations and payments.
The cumulative weight of these proceedings, layered onto an already distressed balance sheet, left the company’s affairs increasingly entangled in the courts — ultimately culminating in the appointment of the administrator and the current move to dispose of assets.
TIMELINE: Key Events in the Le’Mac Saga
2019 — Le’Mac Tower officially opens, featuring:
- Floors 1–6: Office space
- Floors 8–22: Residential apartments
- 23rd Floor: Spa and business centre
- Roof: Le’Mac Sky Club with premium amenities
THE VISION THAT BUILT LE’MAC — AND WHY IT RAN INTO TROUBLE
To understand the auction fully, it is worth understanding what Le’Mac represented at conception.
Ravi Vasta — who had previously developed properties in Lavington — launched the Le’Mac project with an explicit ambition to build something unprecedented in Kenya.
“We wanted something new for Kenya and unique,” Vasta said in an interview. “For the Le’Mac project, we specifically wanted something unique that would attract investors.”
The result was a building that borrowed heavily from Dubai’s luxury residential formula: glass facades, resort-style amenities, a glass-floor skywalk — billed as the first of its kind in East Africa — and a rooftop Sky Club complete with swimming pool, restaurant and sauna.
At 126 metres, Le’Mac became Kenya’s tallest residential building, a distinction that underscored both its ambition and its price point.
The timing, however, proved challenging. Le’Mac opened officially in 2019 — just as global luxury residential markets, including Nairobi’s, were experiencing a marked softening.
The Kenya luxury property segment had peaked during a mid-2010s construction boom that saw developers in Westlands, Upper Hill and Kilimani compete to build ever taller, ever more opulent mixed-use developments.
By the time Le’Mac was fully operational, appetite for trophy homes in Nairobi had cooled as expatriate numbers shifted, financing conditions tightened, and the COVID-19 pandemic arrived in early 2020 — devastating the leasing and sales market for high-end residential units globally.
| “The Le’Mac story mirrors a broader challenge in Nairobi’s luxury real estate market — where the gap between project vision and financial viability has widened sharply as economic pressures have mounted.” |
The result was a developer holding significant inventory — the 40 apartments and five commercial units now going to auction — at a time when servicing a multi-billion-shilling loan became increasingly untenable.
When I&M Bank moved to place the company under administration in March 2021, it signalled that the gap between the tower’s asset value and its outstanding debt obligations had become irreconcilable through voluntary means.
WHO ARE THE AUCTIONEERS AND WHAT SHOULD BUYERS KNOW?
The current auction is being handled by Garam Investments, one of Nairobi’s prominent auctioneer firms, headquartered at the 5th Floor of Western Heights on Karuna Road, Westlands — ironically, within walking distance of Le’Mac itself.
Garam Investments is a licensed auctioneer with an established track record in repossessed property, vehicle and commercial asset sales on behalf of financial institutions, corporate clients and courts.
An earlier auction attempt involving Le’Mac was conducted in March/April 2026 by Direct ‘O’ Auctioneers, who had advertised a broader tranche of 46 two-bedroom apartments and commercial spaces for public auction on 2 April 2026.
The current Garam Investments exercise — covering 40 units — suggests a continuation or new phase of the disposal process, reflecting the scale of the inventory that the administrator is working to liquidate.
🏢 For Prospective Buyers — What to Know
-
- Tenure: The property is held under a leasehold interest.
-
- Unit Types: The offering includes two-bedroom apartments located across various floors of the development.
- Existing Infrastructure: All units benefit from established connections to electricity, water supply, and wastewater drainage systems.
- Parking: Residents have access to three basement parking levels.
- Amenities: Occupants can enjoy premium facilities including the Le’Mac Sky Club, featuring a swimming pool, gym, spa, restaurant, 24-hour security, and the iconic transparent glass skywalk.
- Legal Status: The units are registered under Mark Prime Properties Limited, which is currently under administration. Prospective purchasers are advised to undertake thorough due diligence regarding individual unit registration and any existing encumbrances before bidding.
- Reserve Price Rule: Under Kenya’s Land Act 2012, the reserve price for a property sold at auction should not be set below 75% of its prevailing market value.
Also Read
How South Africa’s 17,000m² Retail Project is Reshaping Mpumalanga’s Construction Market
How They Were Built: Engineering Christ the Redeemer
