The acquisition will raise the share of its assets invested in real estate to 90 per cent, complying with rules governing its portfolio mix.
The fund currently holds 67 per cent of its assets in property, falling below the minimum 75 per cent threshold in what saw it apply to CMA last year seeking an extension to ramp up its real estate investments.
Property fund Stanlib Fahari I-Reit’s plans to acquire an office building in Lavington, Nairobi, will raise the share of its assets invested in real estate to 90 per cent, complying with rules governing its portfolio mix.
The fund currently holds 67 per cent of its assets in property, falling below the minimum 75 per cent threshold in what saw it apply to the Capital Markets Authority (CMA) last year seeking an extension to ramp up its real estate investments.
The balance of its assets is in cash and short-term fixed income instruments. The new Sh850 million acquisition was to be concluded by tomorrow (Tuesday).
Fahari’s chief executive officer, Kenneth Masika, had not responded to our queries by the time of going to press.
