NAIROBI, Kenya, July 31 – Acorn Investment Management Limited (AIML) posted a Sh457 million profit after tax in the first half of this year, boosted by improved incomes from real estate investment trusts (Reits).
Between January and June 2025, Acorn Student Accommodation Income Reit (ASA I-Reit), which develops Qwetu and Qejani student hostels, saw its net income rise to Sh251 million compared to Sh164 million during a similar period last year, driven by a gain in the value of property investments.
“The ASA I-REIT has prioritized reduction in both the quantum and cost of local bank debt for 2025. In July 2025, the REIT successfully reduced its total debt from KES 2.5 billion to KES 1.9 billion and lowered its weighted interest rate from 17% recorded at the end of 2024 to 11.1% in July 2025. The resultant savings are expected to reflect in the full year results,” AIML announced in a statement.
Likewise, Acorn Student Accommodation Development Reit (ASA D-Reit), which buys completed projects and manages operational properties, recorded a net revenue of Sh205 million in comparison with Sh181 million in the same period in 2024. This was boosted by gains in value of investment as Qejani at Hurlingham, Qwetu, Qejani at Kenyatta University, and Qejani at JKUAT were completed on time and budget and are now operational.
“The ASA DREIT has acquired and commenced construction of Qwetu and Qejani in Eldoret CBD which will add 2,100 beds to the portfolio and is in the final stages of concluding an acquisition in Kakamega next to MMUST. Both acquisitions mark the REITs strategic expansion into Tier 2 University towns in Kenya further deepening its footprint nationally.”
“Since inception in 2021, the ASA REITs have continued to demonstrate sustained growth and return despite the significant volatility in the market environment over this period. In 2024, the ASA DREIT achieved a total return of 13% and the ASA IREIT 7%,” Mathew Maina, Executive Director for AIML, the REIT Manager, stated.
“Based on the 2025 half-year results, the REITs remain on course to deliver improved returns in 2025 driven by debt optimization, keeping projects on plan and increasing occupancy across the portfolio.”
