Nairobi, Jan. 4 -- The founders of I&M Group have bought Nairobi Business Park, marking their latest major investment in the country.

Through their investment vehicle MTZ Holdings, the Shah family acquired the property complex along Nairobi's Ngong Road from NBP Holdings Limited.

The transaction was recently approved by the Competition Authority of Kenya (CAK).

"The Competition Authority of Kenya has approved the proposed acquisition of the entire issued share capital of NBP Holdings Limited by MTZ Holdings Limited unconditionally," the regulator said in a notice.

"NBP Holdings Limited (the target) is an investment holding company whose primary investment is Nairobi Business Park, a commercial property."

MTZ is a newly incorporated e...