THE TRIFIC Green USD I-REIT (“TRIFIC I-REIT”) offer has achieved a 103.3 per cent subscription rate, underscoring robust investor appetite and confidence in the structure, underlying assets, and long-term value proposition of the business.
The offer raised a total of $30.8 million (Sh4 billion) against the subscription offer of $29.8 million (Sh3.9 billion), marking a significant milestone in the development of Kenya’s real estate investment landscape.
As promoter of the offer, the Two Rivers Special Economic Zone took up Sh1 billion ($7,458,000) units in exchange for transfer of the initial asset, the TRIFIC North Tower, meaning total value of the I-REIT that is to be listed on the Nairobi Securities Exchange (NSE) is just shy of Sh5 billion ($37,290,000).
“The successful closure of the TRIFIC Green USD I-REIT Offer, with an oversubscription of 103.3 per cent, is a strong endorsement of the quality of the underlying assets and the resilience of our business structure,” said the TRIFIC chief executive Brenda Mbathi.
“We are particularly encouraged by the market’s confidence in the TRIFIC Green USD I-REIT as a long-term investment vehicle that aligns sustainable infrastructure development with stable income generation.”
Mbathi further noted that the strong subscription level reflects deep investor trust in the TRIFIC I-REIT’s fundamentals and governance framework, adding that the Promoter remains committed to delivering sustained value to investors through disciplined asset management and robust governance structures.
“We extend our sincere appreciation to all investors and stakeholders who participated in this offer. Their support strengthens our resolve to deliver consistent, risk-adjusted returns while advancing Kenya’s position as a regional hub for structured real estate investment,” she said.
Under the approved allotment policy, all applications of up to $1 million were allotted in full, while applications above $1 million were prorated based on application size relative to remaining available units, rounded to the nearest $1,000.
Successful investors were notified on 18 June, while processing of the refund was concluded on Friday, June 19.
The settlement date is set for Monday, June 22, while crediting of investors’ CDS accounts is scheduled for Friday, June 26 ahead of the I-REIT’s listing on the NSE on Monday, June 29.
Mbathi noted that all investor protection mechanisms outlined in the prospectus have been fully implemented. These include the cost overrun and yield support undertaking, the minimum rental support arrangement, and a market-making mechanism designed to enhance liquidity in the secondary market.
“These mechanisms are fully operational and backed by executed agreements and committed resources, ensuring readiness from day one of the I-REIT’s lifecycle,” noted Mbathi.
The successful offer issuance and upcoming NSE listing is tipped to further deepen Kenya’s capital markets and broaden participation in real estate investment products denominated in foreign currency.
The TRIFIC Green USD I-REIT is expected to provide investors with exposure to institutional-grade real estate assets while supporting sustainable urban development within the Two Rivers International Finance and Innovation Centre Special Economic Zone (TRIFIC SEZ) ecosystem.
The TRIFIC Green USD I-REIT is a regulated real estate investment trust structured under Kenyan capital markets law and designed to provide investors with stable, long-term income through professionally managed real estate assets.
The offer was authorised and issued under the Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013 and the Capital Markets Act (Cap 485A), as well as the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023.
