This archive report was first published on 11 November 2019.
Stanlib Kenya Limited (SKL) is parting ways with its real estate investment trust, Stanlib Fahari I-REIT, in a deal worth over Ksh1.5 billion. The trust, Kenya's first listed REIT, will be acquired by ICEA Lion Asset Management Limited (ILAM).
According to a statement by Stanlib Kenya Ltd, the company entered into a business agreement with ILAM on 6th November 2019 to dispose of Stanlib Fahari I-Reit, which is listed on the Nairobi Securities Exchange.
ILAM will acquire SKL's investment management mandates in the REIT, as well as all rights, obligations, and benefits relating to SKL's role as Promoter and REIT Manager.
The deal is subject to approvals from the Capital Markets Authority (CMA) and the Competition Authority of Kenya (CAK), and is expected to be concluded by 29th February 2020.
Stanlib is one of the largest fund managers in Kenya, with an asset pool of over Ksh100 billion. However, ILAM will not assume any of SKL's debts or liabilities.
