Stanlib Kenya REIT to raise $120M in IPO

Stanlib Kenya Ltd. plans to raise up to $120 million (12.5 billion Shillings) before November for the initial public offering (IPO) of what will be Kenya’s flagship Real Estate Investment Trust (REIT).

Fahari I-REIT will be listed on the Nairobi Securities Exchange. The IPO bookrunner will be SBG Securities, owned by the Standard Bank Group Ltd..

In a phone call with Bloomberg, Felix Gichaga, Stanlib Kenya’s Business Development Manager, explained that the REIT offers investors diversification from standard equity and bond products. He also noted that a REIT enables ordinary Kenyans to get low-cost exposure to income-generating real estate assets.

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