TRIFIC Launches Kenya’s First USD-Denominated Green I-REIT, Targeting Sh4.8bn

The Two Rivers International Finance and Innovation Centre (TRIFIC) Special Economic Zone has opened a Sh4.8 billion (USD 37.3 million) Income Real Estate Investment Trust (I-REIT), positioning it as one of Kenya’s first USD-denominated green REITs and introducing a new asset class to the country’s capital markets.

The offer, which opened on 13 May and closes 12 June 2026, will fund the acquisition of the TRIFIC North Tower and the development of additional environmentally sustainable commercial towers within the SEZ. Successful investors will be allotted units on 15 June, with the instrument listed for trading on the Nairobi Securities Exchange (NSE) Main Investment Market Segment on 23 June.

Proceeds from the I-REIT will be invested exclusively into green-certified commercial towers built to international sustainability standards, a structure that ties investor returns directly to the performance of environmentally compliant real estate.

“This offer is unrestricted and therefore open to both institutional and retail investors. The I-REIT investors will effectively earn a stable share of the export revenues of a diversified portfolio of global service firms operating from TRIFIC,” said TRIFIC CEO Brenda Mbathi at the instrument’s launch in Nairobi.

Under Capital Markets Authority regulations governing Income REITs, at least 80% of net profits must be distributed as tax-exempt dividends, enhancing the net yield for investors.

The minimum subscription is set at Sh129,000 (USD 1,000), a threshold that KCB Investment Bank Managing Director Maurice Opiyo said places the offer within reach of retail investors. KCB is acting as transaction advisor, sponsoring broker, and lead placing agent.

The North Tower, the primary asset being acquired, offers over 16,000 square metres of lettable area and is already 92% leased to multinational service-exporting firms. Tenants are predominantly Business Process Outsourcing (BPO) companies, technology firms, shared services centres, and professional services providers serving global clients.

The long-term, dollar-denominated lease structure, with guaranteed annual escalations, is central to the I-REIT’s income proposition. TRIFIC’s embedded service-support model further underpins revenue stability, according to Mbathi.

Planning for a second tower is already underway in response to tenant demand.

TRIFIC occupies 64 acres within the 106-acre Two Rivers Development in Nairobi’s diplomatic blue zone and has operated under its SEZ licence since June 2023. It is the only private services-focused SEZ in the capital and holds designation as a Project of Strategic National Importance (PSNI).

The zone is aligned with Kenya’s Vision 2030 priorities, including the scaling of globally traded services, attracting high-value foreign direct investment, generating skilled employment, and advancing green urban development.

Centum Investment Company PLC Group CEO Dr James Mworia and NCBA Bank Kenya Managing Director James Gossip were among the senior executives present at the launch.

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