CMA approves Student Accommodation Development and Income REITs for Acorn Investment Management Limited

Nairobi, 10 December 2020……The Capital Markets Authority (CMA) has approved the Acorn Student Accommodation Development Real Estate Investment Trust (ASA D-REIT) and Income Real Estate Investment Trust (ASA I-REIT) sponsored by Acorn Investment Management Limited (Acorn).

The CMA Chief Executive, Mr. Wyckliffe Shamiah said; “The Authority is satisfied with the D-REIT and I-REIT application and supporting documentation. Approval is granted to Acorn to issue for purchase in Kenya units in both the ASA D-REIT and ASA I-REIT respectively for a total minimum subscription of KES 852 million and up to a maximum of KES 8.5 billion. The approval is granted in accordance with Section 30 B of the Capital Markets Act and Regulation 37 of the Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013 (REITs Regulations).”

Edward Kirathe, CEO of Acorn observed; “This is yet another significant milestone for Acorn to have received CMA approval for our student accommodation D-REIT and I-REIT. The ASA D-REIT will develop our Qwetu and Qejani student hostels and, once completed and rented out, will be sold to the ASA I-REIT for long-term hold. The two REITs are expected to offer stable and long-term returns to investors and will for now only be offered to institutional and sophisticated investors through a restricted public offer. Acorn will retain a significant combined stake in both REITs.”

The approval of the ASA D-REIT and ASA I-REIT follows the issuance of a REIT Manager license to Acorn in November 2020. Acorn also issued the first Green Bond in October 2019, listed on both the Nairobi Securities Exchange and the London Stock Exchange in January 2020.



The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact; Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.


Acorn Investment Management Limited (AIML) is a wholly owned subsidiary of Acorn Holdings Ltd. and has been set up to manage REITs in Kenya, starting with the Acorn Student Accommodation REITs. Acorn is focused on becoming the premier multi-asset rental housing developer, manager, and integrator in Kenya, starting with purpose-built student accommodation (PBSA), for university and college students.


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