This archive report was first published on 21 May 2020.
On 18 May 2020, ICEA LION successfully completed the takeover of Stanlib I-REIT from Stanlib Kenya Limited, marking a significant milestone in the company's expansion.
According to a joint statement, ICEA LION had reached an agreement to acquire all rights, obligations, assets, and benefits of I-REIT fund management business from Stanlib Kenya, as per the terms of the deal.
Stanlib Kenya had operated as the promoter and REIT manager since 1 October 2015, as outlined in the REIT management agreement and the trust deed dated 30 September 2015.
The takeover deal, worth over KSh1.5 Billion, was finalized on 6 November 2019, after months of negotiations between the two firms.
Stanlib Fahari I-REIT is an unincorporated common law trust established as a REIT trust deed and an income real estate investment trust.
ICEA LION will not assume any of the debts or liabilities of Stanlib Kenya in connection with the REIT, with Stanlib Kenya retaining responsibility for any liabilities that may have arisen prior to 18 May 2020.
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