The Capital Markets Authority (CMA) has approved applications by three companies to manage Real Estate Investment Trusts (REITs).
The licensing of Stanlib Kenya Limited, Fusion Investment Management Limited and CIC Asset Management Limited brings to five the number of licensed REITs managers in Kenya.
Centum Asset Managers Limited and UAP Investments Limited were licensed last December.
“The licencees seek to capture investors seeking income, capital gains possibilities and diversification benefits of the real estate class through REITs in property investments,” said the CMA.
Stanlib Kenya Limited, a fund manager, is also involved in property development and investments.
Fusion Investment Management Limited is also licensed to operate as a fund manager and is expected to develop viable home investment vehicles.
CIC Asset Management Limited is a subsidiary of Nairobi Securities Exchange-listed CIC Insurance Group.