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Kenya

CMA approves grant of REIT Manager License to Acorn Investment Management Ltd

NAIROBI, Kenya, Nov 16- The Capital Markets Authority (CMA) has approved the grant of a Real Estate Investment Trust (REIT) Manager license to Acorn Investment Management Limited.

In approving the grant of the license to Acorn Investment management Limited, CMA confirmed the firm met the requirements for REIT Managers as provided in the Capital Markets (Real Estate Investment Trusts)(Collective Investment Schemes) Regulations, 2013;  the Capital Markets (Corporate Governance)(Market Intermediaries) Regulations, 2011; and any other applicable Regulations.

Acorn Holdings Limited Chief Executive Officer Edward Kirathe said, “We are delighted to have received the CMA approval for a REIT Manager license. We are grateful for the support the CMA has given us throughout the process, without which we could not have completed this as expeditiously as we did. Our immediate vision at Acorn is to build a best-in-market business that profitably develops, owns and manages the most sought-after purpose-built rental accommodation for young people in Nairobi and ultimately to become Africa’s leading rental housing business. This approval is an important milestone on this journey.”

A REIT Manager, according to the (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations 2013, is a company incorporated in Kenya and licensed by the Capital Markets Authority to provide real estate management services in respect of a Real Estate Investment Trust.

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