President Ruto inaugurates first Income-Real Estate Investment Trust listing at NSE

President William Ruto inaugurated the first Income-Real Estate Investment Trust (I-REIT) listing at Nairobi Securities Exchange (NSE) on March 22, 2023.

The Local Authorities Pension Trust (LAPTRUST) listed the first I-REIT to be issued by a pension fund at NSE.

Ruto said Kenya’s economic market is robust, competitive, and energetic, and by saving, Kenyans at the bottom of the economic pyramid can become lenders.

In addition, the head of state made fun of Raila’s announcement of biweekly protests by saying he was looking forward to those two days being the busiest at the NSE.

“I am looking forward to days in the very near future when we will be reporting every Monday and Thursday to be the days that were traded highest in the Nairobi Stock Exchange,” he said.

The LAPTRUST Imara I-REIT, which is run by CPF Financial Services, provides investors with a special chance to fund a diverse portfolio of income-producing real estate assets. It is anticipated that the listing of LAPTRUST Imara I-REIT will inspire other pension plans that are substantially invested in physical assets to release cash for the benefit of retirees.

Hosea Kili, the managing director of CPF Financial Services Group, asserts that this asset class has a tremendous amount of promise because it offers investors both capital growth and rental income, making it a desirable investment for those seeking consistent returns.

“Pension funds have traditionally been reluctant to invest in real estate, but with the introduction of innovative asset instruments such as REITs, they can now access the huge potential of property-backed investments. The enormous potential of this asset class is that it provides investors with both capital growth and rental income which makes it an attractive investment for those looking for steady returns,” he said.

The NSE Chairperson, Kiprono Kittony, noted that the listing of LAPTRUST Imara I-REIT is an important development for NSE and Kenyan capital markets.

“The listing of LAPTRUST Imara I-REIT is a testament to the growing issuer confidence in our markets and the attractiveness of Kenyan real estate sector as an investment destination,” Kittony said.

According to Ugas Mohamed, the chairman of the Capital Markets Authority, REITs provide investors with a special opportunity to invest in the real estate market, including those who might not have the resources or knowledge to buy actual properties.

“The upscaling of Real Estate Investment Trusts (REITs) as a capital markets product is quite timely as the product can unlock the potential of the real estate industry. REITs offer investors a unique opportunity to invest in the real estate market, including those who may not have the capital or expertise to invest in physical properties. This is an ideal investment vehicle for Mama Mboga and the Boda Boda community. As a capital markets industry, we have an opportunity to also contribute to the national agenda by facilitating investments in affordable housing projects,” he said.

Job Kihumba, Executive Director Corporate Finance, Standard Investment Bank, who were the lead Transaction Advisors for LAPTRUST Imara I-REIT observed that “we reiterate our commitment and appreciate the leadership of President William Ruto and insightful understanding of Kenya’s economic drivers including the capital markets. We are confident that under your leadership Kenya will make great strides.”

The Income REIT gives investors a special chance to fund a diverse portfolio of real estate assets that generate income while simultaneously enjoying the possibility for these assets’ capital appreciation.

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