Kenya’s REIT Market Faces a Fresh Test With TRIFIC’s Dollar Fund
The planned NSE listing is built around dollar-denominated office leases tied to outsourcing and technology firms operating from Nairobi
A Nairobi office block occupied by outsourcing and technology firms is being turned into a public investment product as Two Rivers International Finance and Innovation Centre prepares a dollar-based real estate trust for listing on the Nairobi Securities Exchange.
The planned offer seeks nearly $30 million from investors and is expected to close in mid-June. Trading on the NSE is targeted before the end of the month, according to transaction advisers involved in the deal.
The asset behind the trust is the North Tower development inside the Two Rivers special economic zone. Tenants in the building include companies serving overseas markets through back-office operations, consulting and digital services contracts.
That business mix sits at the centre of the fundraising strategy.
Rental payments linked to the property are denominated in U.S. dollars rather than Kenyan shillings because several occupiers generate foreign-currency revenue from export services. The arrangement gives the investment vehicle a different profile from most commercial property offerings in Kenya, where returns are tied to local currency leases.
TRIFIC says annual rental collections from the building stand at roughly $3.2 million. The company intends to place 80 percent of the property’s value into the income REIT structure.
The minimum entry point has been set at $1,000. Fund managers expect participation from pension schemes, insurers, asset managers and retail investors seeking exposure to recurring property income without direct ownership of commercial buildings.
The offer enters a market where real estate trusts have struggled to establish broad investor participation despite years of regulatory backing. Kenya’s REIT segment remains comparatively small, with thin trading activity continuing to affect visibility and liquidity across listed products.
Developers, meanwhile, are under pressure to find alternatives to traditional project financing as borrowing costs remain elevated and banks apply tighter lending conditions to property ventures.
The TRIFIC transaction therefore carries significance beyond the tower itself. Market participants will be watching whether investors respond more positively to commercial real estate linked to foreign-currency cash flow and multinational occupiers.
One of the largest tenants in the building is Teleperformance, the global outsourcing company, which occupies a substantial share of the available office space. The wider tenant roster includes firms operating across financial services, business support and technology functions.
The company is already preparing additional office expansion within the special economic zone. Ground preparation has started for a second tower projected to cost about $20 million.
The proposed development will rise 15 floors and is expected to take around 18 months to complete once construction formally begins. TRIFIC says demand for workspace within the zone informed the decision to proceed with another building phase.
Nabo Capital has been appointed REIT manager for the transaction. NCBA Bank will act as trustee, while KCB Investment Bank and AIB AXYS are handling placement responsibilities.
The listing also reflects a broader effort to deepen Kenya’s capital markets through products tied to infrastructure and income-producing assets. Policymakers have repeatedly pushed for wider investment channels outside government securities and publicly traded equities, although uptake among retail investors has remained uneven.
Whether the offer achieves strong subscription levels may depend on how investors assess currency stability, occupancy durability and long-term demand from outsourcing firms operating in Nairobi’s office market.
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