The Trustee of the TRIFIC Green USD I-REIT announced results for the Unrestricted Offer, reporting a subscription rate of 103.3 percent. Investors applied for USD 30,815,000 against USD 29,832,000 available, pushing demand past the offer size.
The REIT priced units at USD 1.00 each. NCBA Bank Kenya Plc acts as Trustee, and Two Rivers Land Company (SEZ) Ltd serves as Promoter.
Offer Results at a Glance
| Metric | Figure |
|---|---|
| Offer price per unit | USD 1.00 |
| Amount available for subscription | USD 29,832,000 |
| Amount raised | USD 30,815,000 |
| Subscription rate | 103.3% |
| New units applied for | 30,815,000 |
| Minimum aggregate subscription required | USD 20,500,000 / 20,500,000 units |
| Units issued to Promoter for North Tower transfer | 7,458,000 |
| Total new units listing on NSE | 37,290,000 |
Applications of USD 1 million and below received full allotment. Applications above USD 1 million faced proration, calculated as a percentage of remaining available units and rounded to the nearest USD 1,000.
What Happens Next
The Trustee published a revised timetable for allotment, settlement and listing.
| Action | Date |
|---|---|
| Allotment communication to investors | 18 June 2026 |
| Processing of refunds | 19 June 2026 |
| Settlement deadline for bank guarantees and letters of undertaking | 22 June 2026 |
| Electronic crediting of CDS accounts | 26 June 2026 |
| Listing and trading commencement on NSE | 29 June 2026 |
Units begin trading on the Nairobi Securities Exchange on 29 June 2026.
Support Mechanisms Confirmed Ahead of Listing
The Promoter confirmed that arrangements disclosed in the Prospectus now stand in place. These include a Cost Overrun and Yield Support Undertaking, a Minimum Rental Support Arrangement and a Market Making Mechanism. Counterparties have signed the required documentation, and the Promoter states each mechanism carries the resources to operate from the REIT’s start.
Background: A First for Kenya’s REIT Market
The TRIFIC offer opened in May as Kenya’s first US dollar Income REIT on the NSE’s Main Investment Market Segment, a structure distinct from the four shilling-denominated REITs already trading on the exchange. The underlying asset, TRIFIC North Tower, sits in the Two Rivers Special Economic Zone and holds a Project of Strategic National Importance designation. Background on the offer structure, the North Tower asset and the SEZ status is available from Khusoko’s earlier coverage of the listing.
Transaction Team
| Role | Firm |
|---|---|
| Transaction Advisor, Lead Arranger & Placement Agent | KCB Investment Bank |
| Legal Advisor | KN Law LLP |
| Registrar | C&R Group |
| Reporting Accountant | PwC |
| REIT Manager | Nabo Capital |
| Trustee & Receiving Bank | NCBA |
| Property Manager | Broll |
| Co-Sponsoring Broker & Market Maker | Aibaxys Africa |
| Property Valuers | Axis Real Estate |
