REITS Association of Kenya (RAK) was established in 2017 by players in the Real Estate and Capital markets industries.
Formed primarily to promote the growth of REITS in the Kenyan Market, RAK establishes a framework for the development of the industry and creating forums for potential issuers, investors and regulators to engage. Partnering with other REITS Associations around the world, in developed markets, we catalyse knowledge transfer and learning experiences.
We engage the government and regulators on matters facing REITS, including tax harmonization and other incentives. We aim to educate the market about the long term benefits of Investing in REITS.
The Finance Act 2019 was assented to by the president on November 7th 2019. The Act contains the inclusion of the amendment to section 20 of the Income Tax Act to include the exemption of REIT investee companies from income tax i.e. section 20 (1) (d). This was the final and most important tax clarification required for REITS. Please refer to section 9 of the gazetted Finance Act, 2019.
On 24th July, 2018, the REITS Association of Kenya (RAK) signed a Memorandum of Understanding with the National Association of Real Estate Investment Trusts (Nareit). This marks the beginning of a great partnership between the two organizations.