By James Anyanzwa
The Capital Markets Authority ( CMA) wants stakeholders to ensure investments into real estate sector become attractive to both local and international investors.
CMA Chairman Kung’u Gatabaki said the authority would work to ensure proper regulatory framework is in place and is fully adhered to. Gatabaki pointed out that the operations of the proposed Real Estate Investment Trusts (REITs) would be decentralised to the Counties’ to make it more accessible.
He noted that REITs – collective investment vehicles into the real estate sector provides a structured investment option which could be used to tap into big money currently being held by women through associations commonly known as chamas.
“REITs is a new product in the market and we want to make it work. This product has been accepted globally and we are also trying to domesticate it,” Gatabaki told the proposed framework for REITs workshop in Nairobi yesterday.
The workshop brought together professionals, including property developers, property management firms, fund managers, law and audit firms, policy makers other key public sector organisations driving the real estate industry to deliberate on the modalities of operation of the REITs and the proposed regulatory framework.
The market regulator has stepped up its efforts in spearheading the establishment of REITs, which is one of the key flagship projects under the Vision 2030 economic blueprint.
The draft Capital Markets (REITs) (Collective Investment Schemes) Regulations, 2012 Regulations were publicised for 30 days as required by the law.
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