Kampala International University campus in Kenya up for sale over debt
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Loading... - Andwele Charles
- 18 Sep 2024
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Kampala International University's (KIU) campus in Kenya is up for auction to recover a debt of approximately Shs55.7 billion ($15 million) owed to Housing Finance.
The educational complex in Kajiado County, which is situated on a 61.3-acre parcel in Kisaju, is set to be sold on September 19 by Valley Auctioneers.
The property, acquired for the construction of KIU's Kitengela Campus, includes multiple incomplete buildings such as tuition blocks, a library, housing, dining, and administration facilities. KIU borrowed the loan in 2014 but defaulted, leading to a legal dispute that culminated in the Supreme Court of Kenya dismissing the university's final appeal in April 2024.
KIU initially secured a $15 million loan from Housing Finance, but after defaulting on repayments, the debt ballooned to over $24 million due to compounded interest.
Efforts by the university to halt the sale of the property, including lawsuits and appeals, have failed. The auction is now proceeding, and interested buyers have been invited to place bids.
