This archive report was first published on 11 November 2019.
Stanlib Kenya Limited has agreed to transfer its investment management mandates, rights, and obligations for Stanlib Fahari I-REIT to ICEA Lion Asset Management Limited.
On November 6, 2019, Stanlib Kenya Limited entered into a business agreement with ICEA Lion Asset Management Limited, paving the way for the transfer.
Under the deal, ICEA Lion Asset Management Limited will assume the role of promoter and REIT manager for the Fahari I-REIT, but will not take on any of Stanlib Kenya Limited's debts or liabilities related to the REIT business.
The estimated value of the deal is over Ksh1.5 billion, and is expected to be completed by February 29, 2020, subject to approvals from the Capital Markets Authority and the Competition Authority of Kenya.
