Kenya’s first green dollar Income Real Estate Investment Trust (I Reit) surged 23 percent in unit price on its listing at the Nairobi Securities Exchange (NSE), highlighting rising investor appetite for foreign currency denominated products. The instrument, backed by green-certified real estate assets, opened at $1 per unit on June 29 and quickly climbed to $1.23, where it has held steady into July.

The green dollar Income‑Real Estate Investment Trusts (I‑Reits) are designed to provide access to US dollar‑denominated income generated from green‑certified real estate assets.

David Wainaina, the NSE Head of Trading, Data & Analytics, said there has been strong demand from the manufacturing sector, particularly from companies operating at the Export Processing Zone (EPZ) and utilising foreign currencies in their international business operations.“The green dollar I‑Reit is trading at the secondary market in dollars. It is a very attractive investment product, especially for businesses that run their operations locally in dollars. The listing price was $1 per unit and now it is trading at about $1.23 per unit. It has done very well,” Mr Wainaina told The EastAfrican in an interview.“It is also a good demonstration that the NSE trading platform can support multi‑currency instruments because this one has been issued in hard currency, indicating that the exchange can now support trading in foreign currencies.”The listing of the Two Rivers SEZ green dollar I‑Reit comes at a time when the National Treasury passed the Finance Act exempting transfers of property to registered Real Estate Investment Trusts (REITs) from stamp duty and Capital Gains Tax (CGT).

This permanently removed the four percent (urban) and two percent (rural) stamp duty burden previously faced by property owners transferring assets.

It is a good product for hedging, especially for those businesses that deal with foreign currency,” said Mr Wainaina.

An I‑Reit is an investment that allows individuals to earn income from real estate without directly owning or managing property. Instead of purchasing property individually, investors combine their funds to invest in established assets such as office buildings. These properties are professionally managed, ensuring efficient operations and maintenance. In return, investors receive a share of the rental income generated, typically distributed as regular dividends, providing a steady source of income along with the potential for the investment to increase in value over time.

Kenya’s first ever Ksh5 billion ($37.29 million) green dollar I‑Reit was oversubscribed by three percent, signalling strong investor confidence in foreign currency‑denominated investment products on the NSE.

The offer was supported by the Two Rivers Land Company (SEZ), acting as promoter of the transaction. It was priced at $1 per unit with a minimum subscription of 1,000 units, and was open to both institutional and retail investors.

Kenya’s special economic zone operator Trific Ltd sought to raise Ksh3.9 billion ($29.83 million) through the offer but managed to raise a total of Ksh4 billion ($30.82 million), achieving a 103.3 percent subscription rate.

As promoter of the offer, the Two Rivers SEZ took up Ksh1 billion ($7.46 million) units in exchange for transfer of the initial asset—the TRIFIC North Tower—bringing the total value of the I‑Reit to just under Ksh5 billion ($37.29 million).

The Two Rivers International Finance and Innovation Centre (Trific Ltd) will use the proceeds of the offer to fund the acquisition of Trific North Tower and the development of other premium, environmentally sustainable commercial towers within its SEZ in Nairobi.

Trific North Tower is a fully developed, fully leased, certified USD‑yielding asset located within the Trific SEZ. Trific I‑Reit is the first of its kind in Kenya, designed to provide access to US dollar‑denominated income generated from green‑certified real estate assets. It offers investors access to stable, high‑yield returns denominated in US dollars while channelling capital into infrastructure that anchors Africa’s export‑led growth.

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