This archive report was first published on 22 May 2020.
On May 18, 2020, ICEA Lion Asset Management officially took over the management of listed property fund Stanlib Fahari I-Reit, marking a significant milestone in the company's expansion.
According to a joint statement by ICEA and Stanlib, the transfer of management became effective on May 18, 2020, and has been implemented. ICEA is now the manager and promoter of the Reit.
ICEA Lion Asset Management CEO Einstein Kihanda. PHOTO | SALATON NJAU
Stanlib's operations, which included asset management and the running of the property fund, have been assumed by ICEA. The company will earn fees for running the Reit, with Stanlib being paid Sh70 million last year for managing the property fund, down from Sh76.5 million in 2019.
South Africa-based insurer Liberty Holdings decided to sell Stanlib to ICEA to focus on other more profitable subsidiaries, with the transaction expected to be concluded by August.
