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Acorn Holdings Quotes Income and Development REIT on NSE’s Unquoted Securities Platform

NAIROBI, Kenya, Feb 25-Acorn Holdings Ltd has quoted its Income and Development Real Estate Investments Trusts on the Nairobi Securities’ Exchange Unquoted Securities Platform.

The quoting makes Acorn the first company to tap into the market infrastructure for the trading of shares of unquoted companies.

The two Real Estate Investment Trusts (REITs) that will give institutional investors the opportunity to get into the lucrative student housing market.

The Acorn Student Accommodation Development REIT (ASA D-REIT) and the Acorn Student Accommodation Income REIT (ASA I-REIT) are expected to give long-term investors a blended return of 18percent on a 10-year hold basis.

NSE Chairman Kiprono Kitony noted, “We are pleased that Acorn Holdings has tapped onto the USP which will enable the asset class access a wider pool of investors, enhance liquidity of their shares as well as support capital raising needs in the future.”

“The platform will create opportunities for unquoted companies whilst providing flexibility in quoting requirements and obligations. Additionally, it will provide a convenient and cost-effective transfer of shares as well as enhance execution speed for securities of unquoted companies,” he added.

Chief Executive Edward Kirathe, Acorn Holdings Limited noted, “AcornHoldings Limited is delighted to tap into Kenya’s capital market to unlock growth opportunities as it seeks to grow its impact in Purpose Built Student Accommodation space. Quoting on the USP will provide current and prospective investors exit and entry points for their investment, unlocking the billions of shillings held in land and propery”.

Equally, the entry will support accurate price discovery as well as enhance liquidity of tradable units availed to investors.

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