This signals confidence in Africa's first green, dollar-denominated REIT to be listed on the NSE. TRIFIC chief executive Brenda Mbathi /HANDOUT THE TRIFIC Green USD I-REIT (“TRIFIC I-REIT”) offer has achieved a 103.3 per cent subscription rate, underscoring robust investor appetite and confidence in the structure, underlying assets, and long-term value proposition of the business.
The offer raised a total of $30.8 million (Sh4 billion) against the subscription offer of $29.8 million (Sh3.9 billion), marking a significant milestone in the development of Kenya’s real estate investment landscape. As promoter of the offer, the Two Rivers Special Economic Zone took up Sh1 billion ($7,458,000) units in exchange for transfer of the initial asset, the TRIFIC North Tower, meaning total value of the I-REIT that is to be listed on the Nairobi Securities Exchange (NSE) is just shy of Sh5 billion ($37,290,000).
“The successful closure of the TRIFIC Green USD I-REIT Offer, with an oversubscription of 103.3 per cent, is a strong endorsement of the quality of the underlying assets and the resilience of our business structure,” said the TRIFIC chief executive Brenda Mbathi.
“We are particularly encouraged by the market’s confidence in the TRIFIC Green USD I-REIT as a long-term investment vehicle that aligns sustainable infrastructure development with stable income generation.” Mbathi further noted that the strong subscription level reflects deep investor trust in the TRIFIC I-REIT’s fundamentals and governance framework, adding that the Promoter remains committed to delivering sustained value to investors through disciplined asset management and robust governance structures.
Under the approved allotment policy, all applications of up to $1 million were allotted in full, while applications above $1 million were prorated based on application size relative to remaining available units, rounded to the nearest $1,000. Successful investors were notified on 18 June, while processing of the refund was concluded on Friday, June 19.
The settlement date is set for Monday, June 22, while crediting of investors’ CDS accounts is scheduled for Friday, June 26 ahead of the I-REIT’s listing on the NSE on Monday, June 29.