{"id":738443,"date":"2023-12-27T13:57:25","date_gmt":"2023-12-27T10:57:25","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/news\/?p=738443"},"modified":"2023-12-27T13:57:37","modified_gmt":"2023-12-27T10:57:37","slug":"acorn-development-reit-sells-630-bed-property-in-sh1-48bn-transaction-pays-sh240mn-first-dividend","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/news\/2023\/12\/acorn-development-reit-sells-630-bed-property-in-sh1-48bn-transaction-pays-sh240mn-first-dividend\/","title":{"rendered":"Acorn Development Reit sells 630-bed property in Sh1.48bn transaction, pays Sh240mn first dividend"},"content":{"rendered":"\n<p><strong>NAIROBI, Kenya, Dec 27 &#8211; The Acorn Student Accommodation Development REIT (ASA D-REIT), which is Acorn\u2019s development vehicle for student housing, has sold its latest stabilized asset, Qwetu Aberdare Heights II, to the Acorn Student Accommodation Income REIT (ASA I-REIT) in a Sh1.48 billion deal. <\/strong><\/p>\n\n\n\n<p>Through the sale of this asset, the ASA D-REIT will repay close to  Sh600 million of the Acorn Green Bond bringing the total repayment to date on the Sh5.7 billion bond program to Sh3 billion ahead of its maturity in November 2024.<\/p>\n\n\n\n<p>The ASA I-REIT has acquired the 630-bed property located next to USIU and adjacent to Qwetu Aberdare Heights I, bringing the total number of assets acquired by the ASA I-REIT to four in the last three years. <\/p>\n\n\n\n<p>This brings the total number of properties in the ASA I-REIT to seven, with a total bed portfolio of 4,450 beds.<\/p>\n\n\n\n<p>Qwetu Aberdare Heights II exemplifies Acorn&#8217;s dedication to providing high-quality and affordable student accommodation, raising the total asset value of the ASA I-REIT to an impressive KES 10.5 billion.<\/p>\n\n\n\n<p>The ASA D-REIT, which is the development vehicle, has a total asset value of KES 12 billion, with 12 projects under development, including Qwetu and Qejani Karen, and Chiromo. <\/p>\n\n\n\n<p>The Chiromo development with 2,700 beds is the last to be funded by the Green Bond projects and is the largest PBSA development in Africa.<\/p>\n\n\n\n<p>The combined ASA D-REIT and ASA I-REIT portfolio of operating beds and those under development is now about 20,000 beds at the end of 2023, making Acorn the largest Purpose Built Student Accommodation (PBSA) provider on the continent.<\/p>\n\n\n\n<p>The ASA D-REIT has also declared its first dividend payout of Sh240 million to investors, achieving a dividend yield of 3.4 percent. <\/p>\n\n\n\n<p>This dividend is in line with the offer memorandum issued during the launch of the ASA D-REIT in 2021.<\/p>\n\n\n\n<p>On the acquisition by the ASA I-REIT,Mathew Maina, Acting Executive Director, Acorn Investment Management Limited stated:<\/p>\n\n\n\n<p>&#8220;The Qwetu Aberdare Heights II transaction is yet another significant milestone for Acorn that reinforces our commitment to providing quality student housing and also continues to cement our position as leaders in the Purpose-Built Student Accommodation (PBSA) sector on the continent. The track record of the ASA REITS since inception has demonstrated the resiliency of the sector and our business model as we continue to make our contribution to the economic growth of Kenya through this housing asset class.\u201d<\/p>\n\n\n\n<p>On the dividends payout, he added:<\/p>\n\n\n\n<p>\u201cThe payment of the first dividend by the ASA D-REIT is a significant boost to the returns of the investors who have placed their confidence in Acorn and this nascent asset class Given the strong pipeline of projects under development, the ASA D-REIT expects to pay dividends to investors annually going forward.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NAIROBI, Kenya, Dec 27 &#8211; The Acorn Student Accommodation Development REIT (ASA D-REIT), which is Acorn\u2019s development vehicle for student housing, has sold its latest stabilized asset, Qwetu Aberdare Heights II, to the Acorn Student Accommodation Income REIT (ASA I-REIT) in a Sh1.48 billion deal. Through the sale of this asset, the ASA D-REIT will [&hellip;]<\/p>\n","protected":false},"author":12320,"featured_media":738446,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4625,26],"tags":[],"coauthors":[407],"class_list":["post-738443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national-news","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Acorn Development Reit sells 630-bed property in Sh1.48bn transaction, pays Sh240mn first dividend &#187; Capital News<\/title>\n<meta name=\"description\" content=\"NAIROBI, Kenya, Dec 27 - The Acorn Student Accommodation Development REIT (ASA D-REIT), which is Acorn\u2019s development vehicle for student housing, has sold - Kenya breaking news | Kenya news today | Capitalfm.co.ke\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.capitalfm.co.ke\/news\/2023\/12\/acorn-development-reit-sells-630-bed-property-in-sh1-48bn-transaction-pays-sh240mn-first-dividend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Acorn Development Reit sells 630-bed property in Sh1.48bn transaction, pays Sh240mn first dividend\" \/>\n<meta property=\"og:description\" content=\"NAIROBI, Kenya, Dec 27 - 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