Lugogo based Forest Mall has been put on sale, Xclusive UG reliably reveals.
Our sources tell us that owner Stanislus Isiagi is asking for a whopping $20 million dollars (worth around shs50 billion).
Since the building opened for commercial business, Isiagi has struggled to attract clients with rent a little higher.
As a result most of the rentals in the mall are unoccupied. It isthis bad business returns, coupled with his (Isiagi) personal/family problems that have forced him to seek a buyer.
Around last year Isiagi bitterly broke up with his wife following a bitter standoff, with even the wife accusing him of trying to kill her. He was briefly incarcerated in a mental health centre but later released.
Since then life has not been the same with him as he is rumored to be hugely indebted. His health is also said not to be good.
So far he has attracted a rich Dubai sheik who has shown interest in buying the mega building. However he is offering only half of the asking price. Watch this space!