Standard Investment Bank (SIB) has successfully traded the largest purchase of Acorn Holdings’ Income and Development Real Estate Investment Trust (REITs), in a transaction valued at Kes 154,727,000.00 on the Unquoted Securities Platform (USP).
The USP is a market infrastructure that facilitates the trading, clearing and settlement of securities of unquoted companies in Kenya. It was launched on December 17, 2021, by the Nairobi Securities Exchange.
The transaction involved the purchase of 2,242,700 D-REIT units, priced at Kes 20.18 each, and 5,121,400 I-REIT units, priced at Kes 20.62 each.
Also Read: Standard Investment Bank Ranked as Top Hedge Fund Manager in Kenya.
Acorn’s I-REIT and D-REIT account for two out of three REITs currently listed in the Nairobi Securities Exchange and reported 1H2021 profits of Kes 141.3 million and Kes 266.9 million respectively.
The transaction by Standard Investment Bank comes as Acorn Holdings in a gazette notice that said they would transfer assets to the investment REIT.
Acorn Holdings Update: Transfer of asset to the investment REIT. Part 1 of the legal notice below pic.twitter.com/zJJ1y3wcPS
— Julians Amboko (@AmbokoJH) October 29, 2021
