• bannerinner1

PRESS RELEASE

                                                                                                      

CMA approves listing of LAP Trust Imara I-REIT

 

Nairobi, 02 November 2022The Capital Markets Authority (CMA) has announced the approval of a listing by introduction of the Local Authorities Pension Trust (Laptrust) Imara Income Real Estate Investment Trust (I-REIT) on the Nairobi Securities Exchange’s (NSE) Main Investment Market; Restricted Sub-Segment. Laptrust will hold 100 percent of the Imara I-REIT securities, thus will not offer them to the public initially.

The Laptrust Imara I-REIT will be listed as a close-ended fund at Kes.20 per unit based on the net asset value of the scheme as at the time of listing, with a total of 346,231,413 units. The valuation of the I-REIT, at listing, will thus be Kes. 6,924,628,260. The units may only be transferred to persons who qualify as Professional Investors and at a minimum trade size of KES 5,000,000.

Speaking about the approval, CMA Chief Executive Officer Wyckliffe Shamiah noted, ‘This REIT underscores some of the key objectives of the REITs policy and regulatory framework which included enabling pension funds to access liquidity, without complete disposal of the real assets that they hold, and diversification of property holdings across geographical locations and types (commercial, residential, purpose built developments – in this case a school, among others).   

This listing by introduction gives Laptrust the platform to build investor confidence in its brand through transparency and disclosure, a track record of performance and compliance with regulatory requirements. Additionally, the listing of the Imara I-REIT confirms that REITS have a critical role in meeting the Government Agenda on housing and democratization of investment opportunities.’  

The properties that will be held under Imara I-REIT include: CPF Metro Park, CPF House, Pension Towers, Freedom Heights Mall and Service Plot, Man Apartment and Nova Eldoret.

The trustee is Co-operative Bank of Kenya Ltd and the REIT will be managed by Sterling REIT Asset Management Limited. The transaction adviser was Standard Investment Bank.

ENDS

 

 

BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

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, Manager, Corporate Affairs & International Relations on This email address is being protected from spambots. You need JavaScript enabled to view it.

approvalservice
certificationannual
toolkit1financial
gficonlodge
masterwhistle
  

Copyright © 2022 Capital Markets Authority. All Rights Reserved.
Joomla! is Free Software released under the GNU General Public License.

kebsISO1