Listed real estate, ICEA Lion Asset Management, a Kenya based fund manager, has completed the takeover of Stanlib I-REIT from Stanlib Kenya Limited.

“The parties are now pleased to announce that all the conditions precedent in relation to the transfer of the management of the REIT (including the approvals of the Capital Markets Authority and the Competition Authority of Kenya) have been fulfilled with the result that such transfers became effective on 18th May 2020,”  ICEA lion and Stanlib Kenya said in a joint statement Thursday.

The takeover makes it the second-largest Unit Trust Fund Manager with combined assets under management.

ICEA will not assume any of the debts or liabilities of Stanlib Kenya in connection with the REIT. Stanlib Kenya shall retain responsibility for any liabilities attributable to the fund manager which may have lawfully arisen or accrued prior to May 18, 2020.

CIC Asset Managers remains the largest overall Unit Trust Fund Manager with an Assets Under Management (AUM) of Kshs 29.7 billion in FY’2019, from an AUM of Kshs 20.3 bn as at FY’2018 translating to a 46.6% growth in AUM.

Cytonn Investments had said if the acquisition is successful, “It will see ICEA Lion diversify to the listed property market with the assets being acquired by ICEA Lion including the investment management mandates and all rights, obligations, and benefits in connection with, Stanlib’s role as Promoter and REIT Manager in relation to the Fahari I-REIT.”

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  1. Pingback: Ilam Fahari I-Reit Records 15.5% Decline in Full-Year Profit to KSh 148 mn

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