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STANLIB’s Kenyan REIT oversubscribed

STANLIB Fahari I-REIT, East Africa’s first Income Real Estate Investment Trust, has raised KES3.6 billion or approximately $35 million in an oversubscribed placement, beating the KES2.6 billion it sought. East African institutional investors acquired 58% of the offer, foreign institutional investors acquired 25% of the offer with the balance being acquired by retail investors in East Africa. The proceeds will be used to acquire seed properties and pay set up costs, with the rest being invested in income generating properties where 80% of rental income is payable to shareholders twice a year.

Read more at The Nation…

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