Njee Muturi, chairman of the board TRIFIC SEZ, James Mworia, Centum CEO, Sally Chege, director, NCBA, transactional banking, Brenda Mbathi, CEO TRIFIC, James Gossip, NCBA Bank managing director /HANDOUT
The Two Rivers International Finance and Innovation Centre (TRIFIC) Special Economic Zone has launched a Sh4.8 billion green, dollar-denominated Income Real Estate Investment Trust (I-REIT) aimed at financing environmentally sustainable commercial developments.
The offer, which opens on May 13 and closes on June 12.
The I-REIT will fund the acquisition of the TRIFIC North Tower and support the development of additional green-certified commercial towers within the special economic zone.
TRIFIC chief executive officer Brenda Mbathi said the product is designed to give retail and institutional investors access to stable dollar-based returns from Kenya’s growing export services sector.
“This offer is unrestricted and therefore open to both institutional and retail investors. The I-REIT investors will effectively earn a stable share of the export revenues of a diversified portfolio of global service firms operating from TRIFIC, making this one of the most future-oriented real estate income products in the region,” Mbathi said.
The REIT is among the first in Kenya to be both green-certified and dollar-denominated while distributing income to investors.
Present at the launch were Centum Investment Company PLC Group CEO James Mworia, KCB Investment Bank managing director Maurice Opiyo and NCBA Kenya managing director James Gossip.
Successful investors will be allotted units on June 15, with results and refunds processed a day later. The REIT is expected to list on the Main Investment Market Segment of the Nairobi Securities Exchange on June 23.
KCB Investment Bank is serving as the transaction adviser, sponsoring broker and lead placing agent.
Opiyo said the minimum subscription amount has been set at Sh129,000 ($1,000), making the investment accessible to a wider pool of investors.
“With the minimum subscription amount set at Sh129,000 ($1,000), this offer is within reach of most investors seeking a stake in Kenya’s real estate sector,” he said.
According to TRIFIC, proceeds from the offer will be invested exclusively in green-certified commercial towers developed to international sustainability standards.
The North Tower, which has more than 16,000 square metres of lettable space, is already 92 per cent occupied by multinational firms operating in business process outsourcing, technology, shared services and professional services sectors.
TRIFIC said the tenants largely comprise global service exporters serving international clients and creating export-oriented jobs for Kenyan professionals.
Mbathi said long-term dollar-based leases with annual escalation clauses are expected to provide investors with stable and growing income streams.
Under Capital Markets Authority regulations governing Income REITs, at least 80 per cent of net profits must be distributed to investors as tax-exempt dividends.
Planning for a second commercial tower is already underway as demand for office space within the zone grows.
TRIFIC, which occupies 64 acres within the Two Rivers Development in Nairobi, has operated under a Special Economic Zone licence since June 2023.
The facility is designated as a Project of Strategic
National Importance and supports Kenya’s Vision 2030 agenda through export-led
services, foreign direct investment, job creation and sustainable urban
development.
