NAIROBI, Kenya, May 13 – The Two Rivers International Finance and Innovation Centre (TRIFIC) Special Economic Zone has launched a Sh4.8 billion ($37.3 million) green, US dollar-denominated Income Real Estate Investment Trust (I-REIT) aimed at financing commercial real estate expansion within its Nairobi-based special economic zone.
The offer, which opens on May 13 and closes on June 12, will fund the acquisition of the TRIFIC North Tower and support the development of additional environmentally sustainable commercial towers within the zone.
The launch was attended by Centum Investment Company Group Chief Executive Officer James Mworia, TRIFIC CEO Brenda Mbathi, KCB Investment Bank Managing Director Maurice Opiyo and NCBA Kenya Managing Director James Gossip.
TRIFIC said the I-REIT will be among Kenya’s first green, dollar-denominated income-distributing REITs, targeting investors seeking stable foreign currency returns from real estate assets tied to export-oriented businesses.
“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,” said Mbathi.
According to the offer timetable, allotment of shares to successful investors will take place on June 15, while refunds and publication of results will follow on June 16. The REIT is expected to list on the Main Investment Market Segment of the Nairobi Securities Exchange on June 23.
The minimum investment has been set at Sh129,000, equivalent to $1,000.
“With the minimum subscription amount set at Sh129,000 ($1,000), this offer is within reach of most investors seeking a stake in Kenya’s real estate sector,” said Opiyo.
KCB Investment Bank is acting as transaction advisor, sponsoring broker and lead placing agent for the transaction.
TRIFIC said proceeds from the REIT will be invested exclusively in green-certified commercial towers built to international sustainability standards.
The facilities mainly host global service-exporting firms including business process outsourcing companies, technology firms, shared service centres and professional services companies serving international clients.
Mbathi said the long-term dollar-denominated leases signed with tenants, combined with annual rent escalations, are expected to provide investors with stable income streams.
Under Capital Markets Authority regulations governing Income REITs, at least 80 percent of net profits must be distributed to investors as tax-exempt dividends.
The TRIFIC North Tower, which offers more than 16,000 square metres of lettable office space, is currently 92 percent occupied by multinational firms, with plans already underway for a second tower due to rising demand.
Located within Nairobi’s diplomatic blue zone, TRIFIC operates as a private services-focused Special Economic Zone offering infrastructure, regulatory support and business facilitation services.
The zone sits on 64 acres within the larger 106-acre Two Rivers Development and has operated under a Special Economic Zone licence since June 2023.
TRIFIC has also been designated as a Project of Strategic National Importance under Kenya’s Vision 2030 development agenda, with a focus on attracting foreign direct investment, growing globally traded services and supporting sustainable urban development.
