CMA approves grant of REIT Manager License to Acorn Investment Management Ltd
Nairobi, 16 November 2020……The Capital Markets Authority (CMA) has approved the grant of a Real Estate Investment Trust (REIT) Manager license to Acorn Investment Management Limited.
In approving the grant of the license to Acorn Investment management Limited, CMA confirmed the firm met the requirements for REIT Managers as provided in the Capital Markets (Real Estate Investment Trusts)(Collective Investment Schemes) Regulations, 2013; the Capital Markets (Corporate Governance)(Market Intermediaries) Regulations, 2011; and any other applicable Regulations.
Edward Kirathe, CEO of Acorn Holdings Ltd said; “We are delighted to have received the CMA approval for a REIT Manager license. We are grateful for the support the CMA has given us throughout the process, without which we could not have completed this as expeditiously as we did. Our immediate vision at Acorn is to build a best-in-market business that profitably develops, owns and manages the most sought-after purpose-built rental accommodation for young people in Nairobi and ultimately to become Africa’s leading rental housing business. This approval is an important milestone on this journey.”
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.
BACKGROUND 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, Head of Corporate Communications on
BACKGROUND INFORMATION ON ACORN INVESTMENT MANAGEMENT LIMITED (AIML)
Acorn Investment Management Limited (AIML) is a wholly owned subsidiary of Acorn Holdings Ltd. set up to manage REITs in Kenya, starting with the Acorn Student Accommodation REITs which are to be established by the end of 2020, subject to CMA approval. Acorn is focused on developing and managing high quality and affordable rental accommodation, starting with purpose-built student accommodation (PBSA), for university and college students. https://acornholdingsafrica.com/