The Nairobi Securities Exchange is expecting to list two new real estate investment trusts (REITs) in the first quarter of 2016, said the CEO Mr Geoffrey Odundo during the ceremony to mark the listing the first REIT on the exchange on Friday.
“We are certain there will be an increased level of interest in this vehicle,(REITs)” he said.
He gave a hint that two potential issuers were at very advanced stages and are expected to come into the market in the first quarter of 2016.
The NSE held a ceremony on Friday to formally launch its first REIT(the STANLIB Fahari I-REIT) which was worth Ksh 3.6 Billion shillings that will be invested in a portfolio of properties that generate rental income.
Mr GeoffreyOdundo said the government had committed to fast-track validation of title deeds by creating a department focused on commercially-related land searches and registrations.
“That will give people confidence to buy these assets without fearing whether they title is genuine or not. It will fast-track the growth of this particular product,” he said.
