The TRIFIC Green USD I-REIT
The TRIFIC Green USD I-REIT
On 8th December 2025, Kenya’s Capital Markets Authority (CMA) authorised a new kind of investment vehicle — one that lets you own a slice of prime Nairobi real estate while earning returns in US dollars. Here is everything you need to understand about the TRIFIC Green USD Income Real Estate Investment Trust, in plain language.
What Is a REIT?
A Real Estate Investment Trust (REIT) is a pooled investment fund that owns income-generating property. Instead of buying an entire building yourself, you buy units in a trust that owns it similar to buying shares in a company, except the underlying asset is real estate.
An Income REIT (I-REIT) specifically focuses on distributing rental income to unitholders regularly, rather than profit from selling properties. Your return comes from rent, not from flipping buildings.
Who Is Behind This?
The Promoter and Issuer is Two Rivers Land Company (SEZ) Limited, a Kenyan company licensed by the Special Economic Zone (SEZ) Authority to develop infrastructure at the Two Rivers complex on Limuru Road, Nairobi. The company operates within a roughly 64-acre Business Service Park and has held its SEZ licence since August 2023.
The REIT Manager is Nabo Capital Limited, which has been licensed by the CMA to act as a REIT manager since July 2015.
The broader transaction team includes NCBA Bank Kenya PLC as REIT Trustee, KCB Investment Bank as Transaction Advisor and Lead Arranger, KN Law LLP as Legal Advisor, PWC Kenya as Reporting Accountant, AXIS Real Estate as Property Valuer, Broll as Property Manager, and AIB-AXYS as Co-Sponsoring Broker and Market Maker.
What Property Does the REIT Own?
The core asset referred to as the Seed Asset is the TRIFIC North Tower, a building measuring 16,213 square metres located within the Two Rivers Lifestyle Centre on Limuru Road, Nairobi. It sits on land held under a registered lease of 99 years from 1st July 2012, meaning roughly 87 years remain on the lease. The Initial Asset value is stated at USD 35,879,000.
The I-REIT will acquire this building through a share purchase of an investee company, so it will indirectly own the North Tower through a holding structure. The purchase price will be partly paid in cash and partly through issuing Units to the Promoter.
Key Numbers at a Glance
| Item | Detail |
|---|---|
| Offer Price per Unit | USD 1.00 |
| Par Value per Unit | USD 1.00 |
| Total Units on Offer (public) | 29,832,000 |
| Units to Promoter (property transfer) | 7,458,000 |
| Minimum Investment | USD 1,000 |
| Minimum Promoter Holding | 20% |
| Listing | NSE Main Investment Market Segment |
The offer is open to both institutional and retail investors you do not need to be a fund or institution to participate.
The Investment Case, Plainly Stated
Dollar-denominated returns. This is a USD income REIT. Distributions and the unit price are in US dollars, which provides a potential hedge against shilling depreciation for Kenyan investors.
Passive rental income. The I-REIT collects rent from tenants of the TRIFIC North Tower and distributes that income to unitholders. You get exposure to commercial property income without having to own or manage anything yourself.
Listed and tradeable. Units will trade on the Nairobi Securities Exchange (NSE). Unlike direct property ownership, you can sell your units on the exchange if you need to exit though liquidity will depend on market demand.
Regulated structure. The CMA has authorised this I-REIT, and it operates with a professional REIT Trustee (NCBA Bank), an independent auditor (PWC Kenya), and a licensed manager (Nabo Capital) a layered governance structure designed to protect unitholders.
Important Dates
| Event | Date |
|---|---|
| CMA Authorization | 8 December 2025 |
| Opening Date | 13 May 2026, 9:00 a.m. |
| Closing Date | 12 June 2026, 5:00 p.m. |
| Allotment | 15 June 2026 |
| Results & Refunds | 16 June 2026 |
| Expected Settlement | 18 June 2026 |
| Units credited to CDS accounts | 19 June 2026 |
| NSE Listing & Trading Begins | 23 June 2026 |
These dates are CMA-approved but indicative TRIFIC reserves the right to extend the closing date or withdraw the offer early, subject to CMA approval.
How to Invest
The full Prospectus is available from 13th May 2026 at 9 a.m. on the Promoter’s website at https://trific.co.ke/
To participate, you will need a Central Depository System (CDS) account with the NSE to receive your units after allotment. Speak with your stockbroker or investment bank for guidance on applying the offer documents recommend consulting a licensed broker before subscribing.
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