The Business Registration Service has invited bids for six properties linked to two collapsed Cytonn investment vehicles, opening the most direct route yet to recovering Ksh 11 billion owed to more than 3,000 investors.
The National Open Tender — reference BRS/OR/OT/009/2025-2026 — covers assets held by Cytonn High Yield Solutions LLP (CHYS) and Cytonn Real Estate Project Notes LLP (CPN), both of which were placed under liquidation following defaults on payments to investors.
Tender documents are available free of charge at tenders.go.ke and brs.go.ke. Bids close on 30 April 2026 at 10:00 AM and must be hand-delivered to the BRS Tender Box on the 17th Floor of 316 Upper Hill Chambers, Nairobi. Each bidder must submit a 10 percent irrevocable bank guarantee as a refundable deposit. Property viewings run from 23 March to 24 April 2026.
The Properties
The six assets span Nairobi and Kiambu counties. Kilimani apartments carry the highest valuation at Ksh 1.73 billion, followed by The Alma in Ruaka at Ksh 1.43 billion. Amara Ridge is listed at Ksh 502.8 million, Riverrun at Ksh 535.8 million, with a second Riverrun tranche at Ksh 295.9 million. CySuites in Westlands stands at Ksh 187 million and Taraji Heights — a 267-unit development of two- and three-bedroom houses — at Ksh 53.8 million.
The Ridge in Ridgeways, near the junction of Kiambu Road and the Northern Bypass, sits on 9.874 acres and features approximately 800 apartments across one- to three-bedroom units. Other assets include Newtown Mystic Plains (Ksh 60.5 million), Athi River land (Ksh 236 million), and Applewood Miotoni. For properties four, five, and six under Cytonn Towers — which are contiguous — the BRS will give priority to bidders who submit offers on all three together.
Several of the properties remain partially developed. Secured creditors, including SBM Bank, hold first claim over charged assets. Ordinary investors receive what remains after senior claims are settled.
How the Process Works
The Official Receiver, operating under the Insolvency Act (Cap 53), oversees the sale. Each property carries a reserve price. Bid openings take place immediately after the 30 April deadline in the presence of creditors and promoters.
The Court of Appeal dismissed all 19 appeals Cytonn filed against the liquidation orders, clearing the Official Receiver to proceed with disposal. Following the auction announcement, Cytonn issued a statement maintaining that the process remains subject to court oversight. The firm also flagged that on 30 January 2026, Justice Freda Mugambi granted the Official Receiver 90 days to complete a verification of proofs of debt and argued that auction steps taken before that process concludes risk complications for creditors.
What Investors Can Expect
The combined valuations of the listed assets fall below the Ksh 11 billion recovery target. Court documents put the total clients’ liability for CHYS and CPN at Ksh 14 billion as at August 2021, meaning full recovery was never on the table.
Distressed-sale pricing, legal costs, the condition of incomplete developments, and secured creditor priority will all reduce what reaches ordinary investors. How far below the reserve prices the final bids land — and whether competitive interest materialises at all — will determine the actual recovery.
Bids close 30 April 2026.
Tender documents: tenders.go.ke and brs.go.ke. Property viewings: 23 March to 24 April 2026. BRS offices: 17th Floor, 316 Upper Hill Chambers, Nairobi.
