ICEA LION has completed the takeover of Stanlib I-REIT from Stanlib Kenya Limited effective 18 May 2020. In a joint statement, ICEA said it had reached an agreement to acquire all rights, obligations, assets, and benefits of I-REIT fund management business from Stanlib Kenya.
Stanlib Kenya operated as the promoter and REIT manager as set out in the REIT management agreement dated 1 October 2015 and the trust deed dated 30 September 2015.
The two firms entered into the deal worth more than KSh1.5 Billion on 6th November 2019.
Stanlib Fahari I-REIT is an unincorporated common law trust established as a REIT trust deed and an income real estate investment trust.
ICEA will not assume any of the debts or liabilities of Stanlib Kenya in connection with the REIT. Stanlib Kenya shall retain responsibility for any liabilities attributable to the fund manager which may have lawfully arisen or accrued prior to May 18, 2020.