The Two Rivers International Finance and Innovation Centre (TRIFIC) Special Economic Zone has launched a US$37.3 Mn (KSh 4.8 Bn) Income Real Estate Investment Trust on the Nairobi Securities Exchange, the first USD-denominated, green, income-distributing REIT in Kenya's capital markets history.
- •The offer opened on 13 May 2026 and closes on 12 June 2026, with NSE listing scheduled for 23 June on the Main Investment Market Segment.
- •The minimum subscription is US$1,000 (KSh 129,000), and the offer is open to both retail and institutional investors.
- •TRIFIC SEZ, a subsidiary of NSE-listed Centum Investment Company PLC, sits on 64 acres designated as an SEZ anda Project of Strategic National Importance within the 106-acre Two Rivers development.
The seed asset is the TRIFIC North Tower, a 16,213 sqm green-certified commercial building within the Two Rivers SEZ in Nairobi's Gigiri diplomatic zone. The building carries an 87-year residual lease and is valued at US$35.88 Mn. It is 92% occupied, anchored by Teleperformance, the world's largest business process outsourcing operator, which holds 45% of the lettable area under a long-term lease. Other tenants span BPO, financial services, ICT, and professional services firms, all operating under USD-denominated leases with guaranteed annual escalations.
Part of the I-REIT proceeds will finance a planned second tower within the SEZ: a 22-floor Grade A building with 76,400 sqm of lettable space and parking for over 700 vehicles. Future acquisitions under the REIT may include logistics parks, light industrial parks, and data centers within the SEZ.
The I-REIT will issue up to 29.832 Mn units at US$1.00 per unit to the public, with up to 7.458 Mn units issued to the promoter, Two Rivers Land Company (SEZ) Limited, in exchange for the property transfer. Of the proceeds, 96.22% goes toward the seed asset acquisition, 2.50% covers transaction costs, and 1.27% covers stamp duty and regulatory fees.
The REIT targets a net dividend yield of 8% per annum, with distributions expected semi-annually. Management has committed to distributing at least 95% of operating income, against the CMA regulatory minimum of 80%. All distributions are tax-exempt under Kenya's I-REIT regulations. The structure carries no debt at launch, with leverage capped at 35% of total asset value, expandable to 40% with unitholder approval.
KCB Investment Bank is the transaction advisor, lead arranger, and placement agent. Nabo Capital Limited is the REIT Manager, NCBA Bank Kenya PLC is the REIT Trustee, and AIB-AXYS is co-sponsoring broker and market maker. PwC Kenya is the reporting accountant, AXIS Real Estate Limited valued the property.
It has held its SEZ license since June 2023 and is designated . In June 2024, the zone raised US$47.5 Mn in mezzanine financing from Vantage Capital, Africa's largest mezzanine fund manager, to expand office capacity.
The prospectus is available from 13 May 2026 at trific.co.ke. Allotment is set for 15 June 2026, with settlement on 18 June and CDS crediting on 19 June.
