The project is being financed by private equity firm Actis, which will inject $22 million (Sh1.87 billion). The first phase of the Nairobi Business Park was put up in 2004, totalling 8,000 square metres of commercial space.

The second phase includes development of six new office blocks to create an additional 15,000 square metres of commercial space for letting. It is planned to be completed by end of 2013.

The development, Actis' flagship real estate investment in Kenya, sits on the same piece of land as Ngong Racecourse. The land is co-owned by the Association for the Physically Disabled of Kenya (APDK) and the Jockey Club.

The private equity fund also financed the construction of The Junction mall, also on Ngong Road.

The fund is eyeing to reap from an improved road network around Nairobi. The Southern by-pass is now under construction and will be completed mid-2014 to ease traffic pressure from Ngong Road, which is itself being upgraded into a dual carriageway.

"Kenya is currently undergoing rapid urbanisation and infrastructural development has stimulated activity in real estate and other sectors," Koome Gikunda, investment principal at Actis, said at a past interview.

"It is also the hub into East Africa region, opening access to a population of over 120 million people - which will need everything from food, housing to workspace," he said.

According to property services firm Knight Frank, the entry of growing numbers of multinational companies into Africa has boosted demand for high quality office space and attracted international developers to cities such as Lagos and Nairobi.