In November 2022 the project team presented the REITs structure to H.E The President with a white paper estimating a possible investment of KES 500B.The estimate was pooled from existing investment guidelines in the financial services sector, factoring the magnetic effect in attracting both local and international investors in REITs when floated at the Nairobi Securities Exchange.
In December 2022 at the college of insurance, Nairobi ,H.E The President held a consultative meeting with Pension Scheme Trustees and Administrators in support of REITs as alternative investment Class. In Feb 2023 The Capital Markets Authority (CMA) organized the project team and selected domain knowledge leaders to discuss the REITS governance structure for scale and sustainability.
The output of the engagement was creation of Kenya National REITs (KNR).The workshop agreed to explore addition of INVITS to support all forms of infrastructure including Transport, Energy, Water, ICT and any other emerging infrastructure.
In May 2023 KNR was registered as company limited by Guarantee with the following objectives.
- Register and Accredit all REITs authorized by CMA
- Branding and legitimacy
- Create opportunity for immediate investor uptake
- To lead awareness campaigns
- Focal point for engagement with regulators
- Accreditation of licensed service providers as lawyers, property managers, etc.
- The ultimate objective of KNR is to be an aggregator and master REITs off-taker.
- In the long term, KNR will be an umbrella REIT.