July 4, 2018

STANLIB Fahari I-REIT appoints new Acting CEO

Dolapo Omidire

STANLIB Kenya Limited (STANLIB) has announced the appointment of Ms. Nozipho Makhoba as the Acting Chief Executive Officer of the STANLIB Fahari I-REIT (Fahari-I-REIT) effective 1st July 2018. Nozipho replaces Mr. Kenneth Masika whose contract came to an end on 30th June 2018.

The STANLIB Fahari I-REIT was Kenya’s first REIT when it was launched it late 2015. It currently has a market cap of KES1.91bn and 3 properties in the retail, office and light industrial sectors.

STANLIB’s Board of Directors recognized Kenneth’s contributions to the ongoing success of the STANLIB Fahari I-REIT, pointing to his efforts in steering the team towards a significant growth in earnings.

“Under his leadership the REIT also successfully concluded a substantial property acquisition which will help bolster the yield and quality of the existing portfolio.”

Nozipho, who is currently the Chief Financial Officer for STANLIB Fahari I-REIT, has 17 years’ experience spanning across financial management, external audit, property investment and corporate finance. As the Chief Finance Officer of the STANLIB Fahari I-REIT, she has been responsible for financial management, risk management, financial reporting and strategic resource planning. Before joining STANLIB, Nozipho worked for the Liberty Group (South Africa) from 2012 in various areas of the business including Liberty Properties and Group Corporate Finance. She was instrumental in the Group’s mergers and acquisition transactions related to property.

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