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KCB licensed to spur real estate investment

14 January 2015, 11:58

Nairobi - Kenya's financial market regulator said Tuesday it has approved the grant of a Real Estate Investment Trusts (REITs) Trustee license to Kenya Commercial Bank (KCB) to spur investment in the real estate.

A statement from the Capital Markets Authority (CMA) said REITs are expected to help the real estate industry in Kenya by facilitating access to funding from the capital market, while allowing investors an opportunity to diversify their investment portfolios.

"As part of preparation for the rollout of REITs, CMA has issued licenses to six REIT Managers and another 2 REIT Trustee licenses," CMA said in a statement issued in Nairobi.

Besides the REITS Trustee license, KCB, a public listed company, has a subsidiary, KCB Capital Ltd, operating as an investment bank.

A REIT is a collective investment scheme in real estate, structured as a trust where an investor owns rights or interests in property in the form of units and earns returns from income or capital gains.

There are two types of REITs in Kenya: Income REITS, which derive income from property rentals, and Development REITS, which are involved in development and construction of properties for sale or rental.

CMA noted that it had reviewed the application and was satisfied that KCB had complied fully with the requirements.

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