Kenya's first Reits offer misses target

Kenya’s first Income-Real Estate Investment Trust (Reit) issued by Stanlib Investments has raised under one-third of the targeted Sh12.5 billion in what analysts attributed to competition from other instruments and poor grasp of the concept.

The Fahari I-Reit managed to raise Sh3.6 billion through the offering, the company said in a notice. It termed the offer a success since it exceeded the minimum Sh2.6 billion target.