The Two Rivers International Finance and Innovation Centre (TRIFIC) Special Economic Zone has rolled out a US$37.3 million (KSh 4.8 billion) Income Real Estate Investment Trust on the Nairobi Securities Exchange, marking Kenya’s first green, dollar-denominated I-REIT that will distribute income to investors.
The public offer opened on 13 May 2026 and is expected to close on 12 June, ahead of its NSE listing slated for 23 June under the Main Investment Market Segment.
Investors can participate with a minimum subscription of US$1,000 (about KSh 129,000), with the offer targeting both institutional and retail participants.
TRIFIC SEZ, a subsidiary of NSE-listed Centum Investment Company PLC, occupies 64 acres within the larger 106-acre Two Rivers mixed-use development and holds Special Economic Zone status alongside recognition as a project of strategic national importance.
The REIT’s seed asset is the TRIFIC North Tower, a green-certified commercial office block measuring 16,213 square metres within Nairobi’s Gigiri diplomatic district. The property carries an 87-year leasehold interest and has been valued at US$35.88 million.
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Occupancy currently stands at 92%, led by Teleperformance, the world’s largest business process outsourcing company, which leases 45% of the available space under a long-term agreement. Other tenants include firms in ICT, finance, professional services and BPO, all paying rent in US dollars with annual escalation clauses built into their leases.
Part of the funds raised will support the construction of a second tower within the SEZ. The planned 22-storey Grade A development will offer 76,400 square metres of lettable space and parking capacity for more than 700 vehicles. Future REIT acquisitions could also extend into logistics hubs, light industrial parks and data centres within the zone.
The I-REIT plans to issue up to 29.832 million units at US$1 each to the public, while a further 7.458 million units will be allocated to promoter Two Rivers Land Company (SEZ) Limited in exchange for transferring the seed property into the trust.
According to the offer structure, 96.22% of proceeds will go towards acquiring the North Tower asset, while transaction expenses and statutory charges will account for the balance.
The REIT is targeting an annual net dividend yield of 8%, with payouts scheduled twice a year. Management has pledged to distribute at least 95% of operating income to investors, exceeding the Capital Markets Authority’s minimum requirement of 80%. The distributions will also enjoy tax exemption under Kenya’s I-REIT framework.
The fund will launch debt-free, although leverage may rise to 35% of total asset value, extendable to 40% subject to investor approval.
KCB Investment Bank is acting as transaction adviser, lead arranger and placement agent. Nabo Capital is serving as REIT manager, while NCBA Bank Kenya PLC is the trustee. AIB-AXYS has been appointed co-sponsoring broker and market maker, with PwC Kenya acting as reporting accountant and AXIS Real Estate Limited handling valuation services.
TRIFIC has held its SEZ licence since June 2023. In June 2024, it secured US$47.5 million in mezzanine financing from Vantage Capital, Africa’s largest mezzanine fund manager, to expand office infrastructure within the zone.
The prospectus became available on 13 May 2026 through the TRIFIC website. Unit allotment is expected on 15 June, followed by settlement on 18 June and CDS account crediting on 19 June.
