The Two Rivers International Finance and Innovation Centre (TRIFIC), operator of Nairobi’s only private services-focused Special Economic Zone, has officially opened a Sh4.8 billion ($37.3 million) green, US dollar-denominated Income Real Estate Investment Trust (I-REIT) — a first-of-its-kind instrument in Kenya’s capital markets. The offer, which opened on 13 May 2026 and runs through 12 June 2026, will fund the acquisition of the TRIFIC North Tower and support the development of additional environmentally sustainable commercial towers within the zone. The I-REIT is expected to list on the Main Investment Market Segment of the Nairobi Securities Exchange on 23 June 2026, with a minimum investment set at Sh129,000 ($1,000), making it accessible to both institutional and retail investors. Backed by long-term, dollar-denominated leases with multinational service-exporting tenants, the I-REIT enters a Kenyan REITs market that has nearly tripled in capitalisation to Sh24.6 billion over the past five years, and arrives amid a broader wave of new listings and structural reforms reshaping East Africa’s property investment landscape.
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Key Overview
- Sh4.8 billion ($37.3 million) green, USD-denominated I-REIT launched by TRIFIC
- Offer period: 13 May to 12 June 2026, with NSE listing expected 23 June 2026
- Minimum investment: Sh129,000 ($1,000), open to institutional and retail investors
- Expected yield: Annual US dollar returns above 7%, supported by 100% USD-denominated leases
- North Tower: Over 16,000 sqm of lettable space, 92% occupied by multinational firms
- Second tower: 22-storey building with 76,400 sqm of lettable space in planning
- $47.5 million in mezzanine funding secured from Vantage Capital in June 2024 for zone expansion
- SEZ tax incentives: 10% corporate tax for first 10 years, VAT zero-rating, import and stamp duty exemptions
- 80% minimum of net profits must be distributed as tax-exempt dividends under CMA rules
- Kenya REITs market cap: Sh24.6 billion in early 2026, up from Sh9.8 billion in 2021
Kenya’s capital markets have taken a significant step forward with the launch of what is being described as the country’s first green, US dollar-denominated Income Real Estate Investment Trust. The Two Rivers International Finance and Innovation Centre (TRIFIC), which operates the only private services-focused Special Economic Zone in Nairobi, officially opened the Sh4.8 billion I-REIT on 13 May 2026, with the offer set to close on 12 June and listing on the Nairobi Securities Exchange expected on 23 June.
The launch was attended by Centum Investment Company Group CEO James Mworia, TRIFIC CEO Brenda Mbathi, KCB Investment Bank Managing Director Maurice Opiyo, and NCBA Kenya Managing Director James Gossip. KCB Investment Bank is acting as transaction advisor, sponsoring broker, and lead placing agent for the offering.
A New Asset Class for Kenya
The TRIFIC I-REIT introduces a novel structure to the Kenyan market: a green, income-distributing REIT denominated in US dollars, targeting investors seeking stable foreign currency returns tied to real estate assets occupied by export-oriented businesses. Proceeds will be invested exclusively in green-certified commercial towers built to international sustainability standards.
“This offer is unrestricted and therefore open to both institutional and retail investors,” said Mbathi. “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, making this one of the most future-oriented, real estate income products in the region.”
The minimum investment has been set at Sh129,000, equivalent to $1,000 — a deliberately accessible threshold. “With the minimum subscription amount set at Sh129,000, this offer is within reach of most investors seeking a stake in Kenya’s real estate sector,” said Opiyo.
When the TRIFIC I-REIT was first announced in December 2025, projections indicated that investors could expect annual US dollar yields above 7 percent, supported by 100 percent USD-denominated leases, annual inbuilt rental escalations, and bundled business-support service revenues that enhance rental stability. Under Capital Markets Authority regulations governing Income REITs, at least 80 percent of net profits must be distributed to investors as tax-exempt dividends.
According to the offer timetable, allotment of shares to successful investors will take place on 15 June, with refunds and publication of results following on 16 June. The REIT is expected to begin trading on the Main Investment Market Segment of the NSE on 23 June 2026.
The TRIFIC North Tower and Expansion Plans
The I-REIT’s anchor asset is the TRIFIC North Tower, which offers more than 16,000 square metres of lettable office space and is currently 92 percent occupied by multinational firms. The tenants are primarily global service exporters, including business process outsourcing companies, technology firms, shared service centres, and professional services companies serving international clients.
The dollar denomination of the REIT is a strategic decision designed to achieve a currency match between the investment and the returns generated by tenants. As the Business Daily reported, by issuing the I-REIT in dollars, Centum is targeting external investors who may have been wary of a shilling-denominated instrument on fears of exchange losses when converting income distributions.
Mbathi noted that the long-term, dollar-based leases with guaranteed annual escalations, combined with TRIFIC’s embedded service-support model — which covers regulatory facilitation, compliance, utilities management, talent support, and digital connectivity — create a reliable and growing income stream for investors.
Plans for a second tower are already underway in response to rising demand. Business Daily reported in January 2026 that Centum is planning a new 22-storey office tower within the SEZ, with lettable space of 76,400 square metres. Part of the I-REIT proceeds are expected to be rolled over to support its development.
The expansion is being supported by significant external capital. In June 2024, TRIFIC secured $47.5 million in mezzanine funding from Vantage Capital, Africa’s largest mezzanine fund manager, to finance the construction of additional office towers and the furnishing of the existing North Tower. The mezzanine debt, a hybrid of debt and equity, was Vantage Capital’s 37th investment across Africa.
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The Two Rivers Special Economic Zone
TRIFIC operates within a 64-acre footprint inside the larger 106-acre Two Rivers Development, situated in Nairobi’s diplomatic blue zone near the Gigiri area. The zone has operated under a Special Economic Zone licence since June 2023 and is designated as a Project of Strategic National Importance under Kenya’s Vision 2030 development agenda.
The SEZ offers substantial fiscal incentives to tenant businesses. As Vantage Capital noted when it announced its investment, enterprises operating within TRIFIC benefit from a reduced corporate tax rate of 10 percent for the first 10 years of operations, VAT zero-rating, and exemptions on import and stamp duties. These incentives are designed to attract foreign direct investment and position Kenya as a competitive hub for globally traded services.
Beyond the North Tower, the broader Two Rivers zone encompasses Victoria Towers, the Holiday Inn Hotel, and several residential projects including Mizizi, Riverbank, Cascadia, and Lofts. The Two Rivers Mall, however, sits outside the economic zone. TRIFIC is also a member of the World Alliance of International Financial Centers, reflecting its ambitions to position Nairobi alongside established global financial hubs.
The promoter behind TRIFIC is Centum Investment Company, one of East Africa’s largest listed investment firms, established in 1967 and traded on both the Nairobi Securities Exchange and the Uganda Securities Exchange. Centum holds an 80.5 percent shareholding in TRIFIC and has a broader real estate portfolio that includes over 2,000 completed residential units across Kenya and Uganda.
Kenya’s Expanding REITs Landscape
The TRIFIC I-REIT enters a Kenyan REITs market that is experiencing a period of notable growth and structural change. Data from the REITs Association of Kenya shows that the market’s total capitalisation has nearly tripled to Sh24.6 billion over the past five years, up from Sh9.8 billion in 2021. The REITs Price Only Index and the REITs Total Index have outperformed the NSE All-Share Index in three of the past five years, according to the same data.
The market has also seen a wave of new activity in early 2026. In March, the Africa Logistics Properties I-REIT made its debut on the NSE, becoming East Africa’s first industrial-focused REIT and the first US dollar-denominated security ever listed and traded on the Nairobi bourse. The Sh3.8 billion ALP REIT achieved a subscription rate of 98.5 percent. InfraCo Africa Investment Limited subsequently committed an additional $5 million, raising the overall subscription rate to 115.17 percent.
The existing Kenyan REITs include the Acorn Development REIT, Acorn Income REIT, ILAM Fahari I-REIT, and LapTrust Imara I-REIT. Acorn, which specialises in purpose-built student accommodation under its Qwetu and Qejani brands, has been a particularly active player, expanding into Tier 2 university towns and securing CMA approval in January 2026 for a Sh2.2 billion Build-to-Rent D-REIT targeting affordable urban rental accommodation for young professionals.
The broader macroeconomic environment has created favourable conditions for yield-seeking investors. The Central Bank of Kenya’s monetary easing cycle has brought the benchmark policy rate down to 8.75 percent as of February 2026, depressing government securities yields and pushing investors to consider alternatives such as REITs. This monetary backdrop, combined with improving financial technology platforms that allow retail participation at low thresholds, is creating what market participants describe as a structural expansion of the asset class.
Challenges and Context
Despite the optimism surrounding the TRIFIC I-REIT launch, Kenya’s REITs sector has not been without difficulties. The performance of some instruments has been mixed: ILAM Fahari I-REIT, one of the earliest entrants, has traded at a 45 percent loss from its Sh20 inception price, and underwent a restructuring that saw it delist from the Main Investment Market and move to the Unquoted Securities Platform. Most property developers in Kenya still rely on traditional bank funding rather than capital markets instruments, and the sector remains relatively nascent compared to more mature REIT markets globally.
The broader real estate sector, however, continues to be a meaningful contributor to Kenya’s GDP, growing at a compounded annual rate of 5.5 percent over the past five years and contributing approximately 8.6 percent to national output as of the third quarter of 2025.
For TRIFIC, the dollar denomination, the green certification, the SEZ tax incentives, and the anchor tenancy of multinational service-exporting firms represent a differentiated proposition. Whether the I-REIT achieves full subscription and delivers on its projected dollar yields will be an important test case not only for TRIFIC and Centum, but for the broader ambition to develop Kenya’s capital markets into a regional hub for innovative real estate financing instruments.
The offer remains open until 12 June 2026.
Sources: Capital Business / The Business Watch / allAfrica / The Standard / The Star / Business Daily Africa / Serrari Group / Cytonn / Nation Africa / Africa Business Communities / DevDiscourse
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