Laptrust Imara I-Reit, a Real Estate fund, has taken a distinctive approach by setting the price of its units in accordance with its net asset value (NAV). In contrast, other funds like Ilam Fahari I-Reit allow their units to trade freely based on market dynamics. Since its listing on the Nairobi Securities Exchange (NSE) in March, Imara’s share price has remained constant at Kshs 20, based on a one-off transaction of 250,000 shares.
According to Laptrust’s interim report, the unit price is determined by the Reit manager’s calculation of the NAV and will remain fixed until Laptrusts exit as the promoter. Subsequently, the unit price will be subject to market forces. The change is expected to come into effect in March 2026 when Laptrust plans to start selling a portion of its 99.92 percent stake. For the initial three years, Laptrust intends to retain ownership and will only offer sales to professional investors in minimum quantities of Sh5 million.
Read more: Laptrust Imara I-REIT Records a Positive Performance
Come 2026, Imara I-Reit will align with Fahari, whose units are freely traded on the NSE. Fahari was initially listed in 2015 at Kshs 20 per unit, but its unit price has since dropped to Kshs 6 due to the general market conditions. Imara issued 346.2 million units valued at Kshs 20 per unit at the time of listing, valued at Kshs 6.9 billion.
These units are confined to trading on the restricted sub-segment of the NSE. Laptrust Imara I-Reit boasts seven properties in its portfolio, including CPF MetroPark, CPF House, Pension Towers, and Freedom Heights Mall. Remarkably, this Reit marks the first instance of a pension fund listing on the Nairobi bourse.
Currently, the Kenyan Reit sector contributes a mere 0.1 percent to the country’s gross domestic product. To diversify investor participation, the government has introduced tax incentives aimed at encouraging broader engagement in the Real Estate market. The sector currently boasts four operational Reits, including Acorn Student Accommodation I-Reit and Acorn Student Accommodation D-Reit.
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