Nairobi, July 21 -- The family of the late billionaire poultry farmer Nelson Muguku is selling The Waterfront Karen Mall in Nairobi in a multi-billion shilling deal, marking a pivot from real estate.

A source familiar with the deal reckons that the family is at the tail end of talks to sell the high-end mall in a transaction that could go as high as Sh9 billion.

This marks a shift from a 2014 strategy that saw the family offload shares at the Nairobi bourse to build a property portfolio, giving birth to the mall.

With traffic in malls slowing and increased pressure on rental yields following the construction of additional retail space in the past decade, high-net-worth investors are cutting their property exposure.

The sale of The Wat...