This brings the total number of approved and licensed REIT Managers in Kenya to five.
The authority granted the first two licenses for operation of REIT Managers to Centum Asset Managers Limited and UAP Investments Limited in December last year.
The licensees seeks to capture investors seeking income, capital gains possibilities and diversification benefits of the real estate class through REITS in property investments.
“We have reviewed the applications by the three licensees and are satisfied that each institution had complied fully with the requirements of Regulation 125 of Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013,” CMA said in a statement.
A REIT manager is a company incorporated in Kenya and licensed by CMA to provide real estate management services under a Real Estate Investment Trust.
On the other hand, REITS are regulated investment vehicles that enable collective investment in real estate where investors, both retail and corporate, are allowed to pool their funds and then engage in real estate projects.
Stanlib Kenya Limited is currently licensed to operate as a fund manager in the Kenyan capital markets, managing collective investments schemes for more than six years and has also been involved in property development and investments for over 15 years.
Fusion Investment Management Limited is also licensed to operate as a fund manager and with the addition of a new REIT Manager license, will develop investment vehicles that provide a viable home for collective investment funds.
CIC Asset Management Limited is a subsidiary of Nairobi Securities Exchange-listed CIC Insurance Group.