Nairobi Two Rivers Special Economic Zone (SEZ) operator, Two Rivers International Finance and Innovation Centre (TRIFIC), has announced plans to introduce a USD 35 million (~KES 5 billion) green, US dollar-denominated Income Real Estate Investment Trust (I-REIT) aimed at financing and acquiring green-certified office towers.
The initiative marks a major milestone in Kenya’s capital markets, as the I-REIT would be the first of its kind in the country, subject to approval by the relevant regulatory authorities. Investors are expected to earn annual returns of more than 7% in US dollars, supported by fully USD-denominated leases with built-in annual rental escalations and additional service revenues, making the product attractive to investors.
Additionally, the Capital Markets Authority (CMA) requires income REITs to distribute not less than 80% of net profits as tax-exempt dividends, a factor that further enhances the appeal of the USD-based sustainable I-REIT to investors. Proceeds from the offer will be directed toward commercial office towers constructed to international green and sustainability standards. The initial capital will be used to acquire the TRIFIC North Tower. The proposed launch is scheduled for January 2026, with listing on the Nairobi Securities Exchange (NSE).
Why the TRIFIC USD I-REIT Matters
The introduction of the USD-denominated I-REIT is expected to widen the investor base by mitigating currency risk. It offers an alternative to traditional Kenya shilling-denominated REITs, which have largely targeted institutional and high-net-worth investors, often excluding retail investors. The green I-REIT also underscores Kenya’s commitment to expanding sustainable finance.
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