TRIFIC Opens Sh4.8 Billion Green REIT Offer for Sustainable Office Towers

By Benadeta Mwaura - Reporter

Kenya, May 26, 2026 - The Two Rivers International Finance and Innovation Centre (TRIFIC) has opened a Sh4.8 billion green real estate investment trust (I-REIT) offer aimed at financing environmentally sustainable commercial towers within its Special Economic Zone in Nairobi.

The dollar-denominated REIT is positioning itself as one of Kenya’s first green income-distributing property funds, targeting both institutional and retail investors seeking stable foreign currency returns from commercial real estate.

According to TRIFIC, proceeds from the offer will finance the acquisition of the TRIFIC North Tower and support the development of additional green-certified office buildings within the Two Rivers Special Economic Zone.

The offer officially opened on May 13 and is expected to close on June 12 before listing on the Nairobi Securities Exchange (NSE) later in June, subject to regulatory approvals.

TRIFIC Chief Executive Officer Brenda Mbathi said the fund is designed to create a new class of investment products in Kenya’s capital markets by linking real estate income to export-oriented global service firms operating within the SEZ.

“This offer is unrestricted and therefore open to both institutional and retail investors,” Mbathi said during the launch. “The I-REIT investors will effectively earn a stable share of the export revenues of a diversified portfolio of global service firms operating from TRIFIC.”

The REIT is expected to attract investors seeking protection from currency volatility through US dollar-denominated rental income.

TRIFIC said investors are projected to earn annual dollar yields exceeding seven percent, supported by long-term leases priced in dollars, annual rent escalations, and bundled service revenues within the business zone.

The minimum subscription has been set at Sh129,000, equivalent to about $1,000, a threshold the company says is intended to make the investment accessible to a broader pool of Kenyan investors.

KCB Investment Bank is acting as transaction advisor, sponsoring broker, and lead placing agent for the REIT offer, while NCBA is serving as the receiving bank and trustee.

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TRIFIC says all proceeds raised under the fund will be invested exclusively in green-certified office towers built to international sustainability standards.

The North Tower, one of the anchor properties within the SEZ, already has strong occupancy levels, with multinational tenants from the business process outsourcing (BPO), technology, and professional services sectors taking up most of the available space.

The development reflects Kenya’s growing shift toward environmentally sustainable commercial real estate as developers increasingly target multinational firms seeking modern office infrastructure aligned with global environmental standards.

Analysts say the project also highlights the increasing role of Special Economic Zones in Kenya’s economic strategy, particularly in attracting export-oriented businesses, technology firms, and international service providers.

Located within the larger Two Rivers development, TRIFIC operates Nairobi’s only private services-focused Special Economic Zone and has been positioning itself as a regional hub for globally traded services and innovation-driven enterprises.

The launch comes at a time when Kenya’s real estate and capital markets sectors are seeking alternative investment structures capable of attracting long-term institutional capital.

Under Capital Markets Authority regulations, Income REITs are required to distribute at least 80 percent of net profits as dividends, which are tax exempt for investors.

Market analysts say the green dollar-based structure could appeal to investors looking for more stable returns amid continued currency fluctuations and rising demand for premium office space.

The project is also expected to strengthen Kenya’s ambitions of positioning Nairobi as a regional financial and innovation hub competing with centres such as Kigali, Mauritius, and Dubai for international service-sector investments.