CMA Grants REIT Manager License to Acorn Investment Management Ltd

Acorn Holdings’ final tranche of its Medium-Term Green Note (MTN) Programme has raised Ksh 2.096 billion, getting a subscription rate of 146 per cent over its target of Ksh 1.438 billion.

Qwetu Accommodation Service Center under Construction. PHOTO: Alok Sharma

Acorn Investment Management Limited has been licensed as a Real Estate Investment Trust (REIT) by the Capital Markets Regulator.

The Capital Markets Authority said Acorn had met the requirements for REIT Managers as provided in the Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013; the Capital Markets (Corporate Governance) (Market Intermediaries) Regulations, 2011; and any other applicable Regulations.

A REIT Manager, according to the (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations 2013, is a company incorporated in Kenya and licensed by the Capital Markets Authority to provide real estate management services in respect of a Real Estate Investment Trust.

Acorn Holdings Limited Chief Executive Officer Edward Kirathe said, “Our immediate vision at Acorn is to build a best-in-market business that profitably develops, owns and manages the most sought-after purpose-built rental accommodation for young people in Nairobi and ultimately to become Africa’s leading rental housing business. This approval is an important milestone on this journey.”

The group has already announced plans to build two hostels next to the University of Nairobi Chiromo Campus, along Science Crescent Road, off Riverside Road to host approximately 3,000 students. 

One of the projects will be under the Qejani brand and is expected to accommodate approximately 2,112 students. 

The development will consist of 704 units on 18-floors which include double and quadruple where students will be sharing study and common rooms. 

The second project will be under the Qwetu brand and it is expected to accommodate approximately 837 students consisting of 574 units on 16 floors and the room typologies will include; single, twin, and cluster units.

Additional Details from Cytonn Real Estate.