The REITs Association of Kenya (RAK) and Women in Real Estate (WIRE) signed a Memorandum of Understanding (MoU) representing a significant step towards advancing gender inclusion in the Real Estate Sector in Kenya.
The REITs Association of Kenya (RAK) and Strathmore University have signed a Memorandum of Understanding (MoU) to collaborate on research and allied endeavours that will promote the growth of the Real Estate Investment Trusts (REITs) in Kenya.
The Capital Markets Authority (CMA) has approved a bid by ILAM Fahari Real Estate Investment Trust (I-REIT) to convert its unrestricted ILAM Fahari IFIR into a restricted I-REIT. The Ksh402 million restructuring move will allow IFIR’s Non-Professional Investors to redeem up to 36,585,134 units at a Redemption Offer Price of Ksh11 per unit.
The LAPTRUST Imara I-REIT has listed 346,231,413 units at KShs 20 each, valuing it at KSh6.9 billion, and will be a closed-ended fund listed on the restricted sub-segment of the main investment market segment of the NSE.
The 2022 Finance Bill has proposed to widen the scope of investments where pension schemes can invest their funds.
The REITs Association of Kenya (RAK) has entered into a Collaborative Agreement with the University of Nairobi (UoN) to develop the knowledge repository in Real Estate.
The REITs Association of Kenya (RAK) successfully lobbied for the re-instatement of exemption of Value Added Tax (VAT) on transfer of Assets into REITs, as noted during the 2021/22 Budget statement reading. The Cabinet Secretary, National Treasury noted that REITs can be used as a financing alternative for affordable housing, including specialized facilities like student hostels.
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.