Kenya’s special economic zone operator Trific Ltd is seeking to raise $37.3 million through an offer of green, dollar-denominated Income-Real Estate Investment Trust (I-Reit) to investors on the Nairobi Securities Exchange (NSE).

 

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 Special Economic Zone (SEZ) in Nairobi.

Trific North Tower is a fully developed, fully leased, certified USD-yielding asset located within the Trific Special Economic Zone. The building hosts over 30 tenants and is anchored by a diversified tenant base of blue-chip service export enterprises, reflecting strong leasing fundamentals.“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,” said Brenda Mbathi, Trific chief executive.

I-Reit is an investment that allows individuals to earn income from real estate without directly owning or managing property. Instead of purchasing a property individually, investors combine their funds with others to invest in established properties 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, which provides a steady source of income, along with the potential for the investment to increase in value over time.

Trific I-Reit is the first-of-its-kind in Kenya which is 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 channeling capital into infrastructure that anchors Africa’s export-led growth.

Investors will secure exposure to US dollar-denominated income in a market where most savings and investments are concentrated in local currency.

The offer runs from May 13 to June 12, with the listing of the I-Reit on the Nairobi bourse scheduled for June 23, 2026.

The offer is supported by the Two Rivers Land Company (SEZ) Ltd which is acting as a promoter of the transaction.

As a promoter SEZ Ltd will maintain a stake of at least 20 percent of the Reit Securities in issue as at the date of listing of the Trific I-Reit.

The promoter (SEZ) has also undertaken that, in the event the Trific I-Reit is not fully subscribed, the company will retain any additional units subject to subscriptions having been received from at least seven investors —unless exempted by the Capital Markets Authority—(CMA).

The offer is priced at $1 per unit with the minimum subscription of 1,000 units.“With the minimum subscription amount set at Ksh129,000 ($1,000), this offer is within reach of most investors seeking a stake in Kenya’s real estate sector,” said Maurice Opiyo, KCB Investment Bank managing director.

KCB is the transaction adviser, sponsoring broker and lead placing agent for the offer.

The North Tower, offering over 16,000 square metres of lettable area, is already 92 percent leased to multinational service-exporting firms. Planning for a second tower is underway in response to growing demand.

The Two Rivers Land Company (SEZ) as promoter of the Trific I-Reit and the seller of the Initial Asset to the Trific I-Reit will maintain an investment in the I-Reit of at least 20 percent of the net asset value from the date of the listing of the Reit securities and the date of transfer of the real estate to the I-Reit in line with regulatory requirements. The promoter may, after the first year of the close or listing, reduce its holding to a minimum of 10 percent and in the second anniversary of the close or listing, reduce its holdings to zero percent

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