Two Rivers International Finance & Innovation Centre (TRIFIC) on December 15, 2025, announced plans to launch what it describes as Kenya’s first green, US dollar-denominated Income Real Estate Investment Trust (I-REIT), targeting to raise approximately Sh4.8 billion from investors. The proposed fund is expected to open for investment in January 2026, subject to regulatory approval by the Capital Markets Authority (CMA), and will seek listing on the Nairobi Securities Exchange (NSE).
According to the announcement, the I-REIT will focus on acquiring income-generating, environmentally certified commercial office developments located within the TRIFIC Special Economic Zone (SEZ) in Nairobi. The first asset earmarked for acquisition by the trust is the TRIFIC North Tower, a Grade A office building that is reported to be approximately 90 percent leased to multinational firms operating in sectors such as technology, business process outsourcing and shared services.
TRIFIC Chief Executive Officer Brenda Mbathi said the structure of the development supports predictable income flows for investors. “TRIFIC provides its clients with a fully integrated ecosystem of physical infrastructure and business-support services covering both set-up and ongoing operational support embedded in the rental model, ensuring consistent recurring income for the I-REIT,” she said in the announcement.
The leases within the development are predominantly US dollar-denominated, a feature that the sponsor says is designed to attract investors seeking foreign-currency income streams. Mbathi added that, “long-term, dollar-based leases with annual rent escalations underpin the stability and growth potential of distributions to I-REIT investors.”
Under Kenya’s existing CMA framework, income REITs are required to distribute a significant portion of their net earnings to unit holders. The TRIFIC I-REIT is expected to comply with these requirements, positioning the product as a yield-focused investment vehicle. Income distributed by qualifying I-REITs is generally exempt from withholding tax, subject to prevailing tax regulations.
The company stated that proceeds from the offer will be directed toward green-certified commercial assets, aligning the fund with environmental, social and governance (ESG) investment principles that are increasingly influencing capital allocation decisions.
