Two Rivers International Finance and Innovation Centre (TRIFIC) plans to build a 22-storey Grade A office tower, underscoring strong demand for rental space within its Special Economic Zone (SEZ).
TRIFIC, licensed as a services SEZ, already operates a 16,234-square-metre office block that is fully let. The flagship TRIFIC North Tower is occupied by a diversified pool of export-oriented service enterprises, including business process outsourcing (BPO), financial services, ICT, and advisory firms. Its anchor tenant is Teleperformance, the world’s largest BPO operator, which occupies 45% of the building under a long-term lease.
“Part of the proceeds will be rolled over to develop the next tower,” said Brenda Mbathi, CEO of TRIFIC SEZ, referring to the planned 22-storey complex.
KSh5 Billion I-REIT to Finance Expansion
To fund the new development, TRIFIC has announced a KSh5 billion Income Real Estate Investment Trust (I-REIT). Proceeds will be used to acquire the North Tower and finance construction of the new office tower.
The I-REIT is designed to be attractive to investors, backed by US dollar-denominated rental income to mitigate foreign exchange risk. It targets a net dividend yield of 8% per annum, distributing at least 95% of operating income, well above the regulatory minimum of 80%.
“The TRIFIC I-REIT is entirely debt-free. This ensures rental income is not used to service debt, preserving distributable cash flows and reducing risk,” Mbathi noted.
Nairobi’s Grade A Office Market Recovery
The announcement comes as Nairobi’s prime office market shows signs of recovery. According to Knight Frank, occupancy in Grade A buildings rose to 77.7% by June 2025, up from 72.7% at the start of the year, driven by demand for modern office space.
The new TRIFIC tower will feature 21 floors of office space, a roof level, and basement and ground-floor parking for more than 700 vehicles, catering to the needs of multinational tenants and service-oriented enterprises.
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Strategic Hub for Global Services
Located within the 64-acre Two Rivers development, TRIFIC SEZ received its licence in June 2023 and is positioning itself as Africa’s premier hub for service-oriented and technology-driven businesses.
“TRIFIC SEZ’s target is to elevate Kenya and Africa as key players in global markets, particularly in the service and technology sectors, positioning the continent not just as a participant but as an active leader in global innovation,” Mbathi said.
With modern infrastructure, simplified compliance, and resilient connectivity, TRIFIC aims to attract global enterprises seeking a strategic gateway to African and international markets.
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