The Local Authorities Pension Trust’s (Laptrust) real estate trust has been cleared for listing at the Nairobi Security Exchange.

 

In an announcement by the The Capital Markets Authority, the authority approved the introduction of Local Authorities Pension Trust (Laptrust) Imara Income Real Estate Investment Trust (I-REIT) on the Nairobi Securities Exchange’s (NSE) Main Investment Market; Restricted Sub-Segment. 

The REIT was listed as a close-ended fund at KSh20 per unit based on the net asset value of the scheme as at the time of listing and valued at a total of 346,231,413 units. Interestingly, Laptrust will hold 100 percent of the Imara I-REIT securities, with no initial offer to the public. However, the units can be transferred to persons who qualify as professional investors and at a minimum trade size of Sh5 million.

Properties that will be held under Imara I-REIT include CPF Metro Park, CPF House, Pension Towers, Freedom Heights Mall and Service Plot, Man Apartment and Nova Eldoret.

 

This listing joins the now growing REITs market in the Nairobi real estate market alongside Acorn Holdings Limited and Stanlib Fahari I-REIT, which are the other issuers in the market. Generally, this is seen as a positive move towards formalizing the Nairobi Real Estate market. As previously noted, REITs are ideal for institutionalizing a real estate market and drive more inclusivity.

 

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