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Nairobi, April 8, 2014…The Capital Markets Authority (CMA) has approved the grant of three new licenses for Real Estate Investment Trusts (REITs) Manager to Stanlib Kenya Limited, Fusion Investment Management Limited and CIC Asset Management Limited respectively, bringing the total number of approved and licensed REIT Managers in Kenya to five. The Authority granted the first two licenses for operation of REIT Managers to Centum Asset Managers Limited and UAP Investments Limited in December 2013. A REIT manager, according to the (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations 2013, is a company incorporated in Kenya and licensed by the Capital Markets Authority to provide real estate management services in respect of a Real Estate Investment Trust.

Stanlib Kenya Limited is currently licensed to operate as a fund manager in the Kenyan capital markets, managing collective investments schemes for more than six years and has also been involved in property development and investments for over 15 years. Fusion Investment Management Limited is also licensed to operate as a fund manager and with the addition of a new REIT Manager license, will develop investment vehicles that provide a viable home for collective investment funds. CIC Asset Management Limited is a subsidiary of Nairobi Securities Exchange-listed CIC Insurance Group. The licensees seeks to capture investors seeking income, capital gains possibilities and diversification benefits of the real estate class through REITS in property investments.

In a press statement sent to newsrooms, Capital Markets Authority noted that it had reviewed the applications by the three licensees and was satisfied that each institution had complied fully with the requirements of Regulation 125 of Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013.