Kenya is set to introduce its first dollar-denominated green income REIT after the Two Rivers International Finance and Innovation Centre unveiled plans to float a USD 37 million, or about Sh4.8 billion, fund on the Nairobi Securities Exchange in 2026.
The proposed Green Income Real Estate Investment Trust will channel capital into the development and purchase of high-end, environmentally sustainable office towers, all located within TRIFIC’s Special Economic Zone. Once launched, it will mark a first for the local market by offering investors a USD-based, income-distributing REIT built entirely around green-certified assets.
TRIFIC chief executive Brenda Mbathi said the structure is designed to deliver predictable, recurring income by combining premium real estate with an integrated package of business-support services embedded in tenant leases. These include regulatory facilitation, compliance support, utilities management, talent services, one-stop SEZ approvals and robust digital infrastructure.
Funds raised through the I-REIT will be invested exclusively in commercial buildings that meet international sustainability benchmarks. The developments are expected to house global service exporters such as BPO operators, technology firms, shared services centres and professional services companies serving international markets while creating skilled, export-oriented jobs for Kenyan professionals.
For investors, the appeal lies in exposure to stable dollar revenues generated by a diversified base of global firms operating from TRIFIC. The product effectively offers a share of export-driven income flows, positioning it as one of the more forward-looking real estate income vehicles in the region.
Projected annual returns are expected to exceed seven percent in US dollar terms, supported by fully dollar-denominated leases, built-in annual rent escalations and additional income from bundled support services that help smooth cash flows.
Under Capital Markets Authority rules, income REITs must distribute at least 80 percent of net profits to investors as tax-exempt dividends, a requirement that further boosts the attractiveness of the structure.
The offer is slated to open in January 2026, pending regulatory approvals, with units to be listed on the Nairobi Securities Exchange. Initial proceeds will be used to acquire the TRIFIC North Tower, with subsequent capital raises earmarked for additional green, USD-earning commercial assets within the zone.
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The North Tower provides more than 16,000 square metres of lettable space and is already 90 percent occupied by multinational service exporters. Plans for a second tower are underway as demand continues to rise.
Situated within Nairobi’s diplomatic blue zone, TRIFIC stands out as the city’s only privately run, services-focused SEZ. It spans 64 acres of the wider 106-acre Two Rivers Development and has operated under its SEZ licence since June 2023.
Classified as a Project of Strategic National Importance, the development aligns with Kenya Vision 2030 and the Bottom-Up Economic Transformation Agenda, supporting national goals around scaling traded services, attracting high-value foreign investment, creating quality jobs and promoting sustainable urban growth.
