The Two Rivers International Finance and Innovation Centre (TRIFIC) has successfully concluded its Ksh 4.8 bn Green USD-denominated Income Real Estate Investment Trust (I-REIT) offer, setting a new benchmark in Kenya’s capital markets as the country’s first green, dollar-based listed REIT. The offer attracted both retail and institutional investors seeking exposure to stable foreign currency-denominated real estate returns, underscoring growing investor appetite for alternative investment products in the local market.
The I-REIT, backed by the TRIFIC North Tower located within the Two Rivers Special Economic Zone in Nairobi, is structured to provide investors with an estimated net annual dividend yield of 8.0% in USD. The underlying asset benefits from strong occupancy levels, with multinational firms across business process outsourcing, financial services, technology, and professional services sectors forming the tenant base under long-term dollar-denominated lease agreements.
Funds raised through the transaction will primarily be used to finance the acquisition of the North Tower asset while also supporting the development of additional environmentally sustainable commercial real estate projects within the Special Economic Zone. The transaction introduces a new asset class into Kenya’s investment landscape by combining real estate exposure, hard currency income protection, and sustainability-focused investment principles.
The successful closure of the offer represents a significant step forward in broadening the range of capital market products available to investors in Kenya. Beyond providing diversification opportunities, the listing is expected to strengthen the development of the country’s REIT market while supporting the growth of sustainable infrastructure financing and positioning Kenya as an emerging hub for innovative investment structures in Africa.
