The proprietors of The Water Front Karen have denied reports in sections of the media that the shopping mall was up for sale.

In a statement, The Waterfront Karen Managing Director Dr David Muguku assured tenants and clients of the upmarket mall there were no such plans in the pipelines.

“We would like to dispel this information and let the public, our tenants and clients know that the information is false and does not represent the position of the management,” said Dr Muguku.

He added, “The information should therefore be disregarded and treated as false.”

Dr Muguku said the shopping mall was a long term investment and asked its tenants and customers to ignore the sale reports, saying no such communication was made by the company.

“The Waterfront Karen Shopping Mall and its surrounding property remains to be a long-term investment whose main objective is to provide a conducive, safe, environmentally-friendly and world-class shopping and lifestyle experience for the public.

“We would like to further inform the public that any information pertaining to the sale of the property, if any, or any other matter would be issued by the management through official channels.”

According to a report by Business Daily, the family of late businessman Nelson Muguku was selling the The Water Front for Sh20 billion for the shopping complex together with the 50 acres it sits on.