Two Rivers SEZ TRIFIC lists Sh4.8b green building fund on NSE
Business
By
Brian Ngugi
| May 13, 2026
The operator of the Two Rivers Special Economic Zone (SEZ) in Nairobi said on Tuesday it has launched a Sh4.8 billion ($37.3 million) green, dollar-denominated income real estate investment trust (I-REIT) to fund the acquisition of a commercial tower and develop new sustainable buildings within the zone.
TRIFIC SEZ, the only private services-focused SEZ in Nairobi, said the offer opens on May 13 and closes on June 12, 2026. It will be listed on the Main Investment Market Segment of the Nairobi Securities Exchange on June 23.
The I-REIT will be one of Kenya's first dollar-denominated green income-distributing REITs, creating a new asset class for investors seeking stable dollar yields with measurable environmental impact, TRIFIC said in a statement.
"This offer is unrestricted and therefore open to both institutional and retail investors," TRIFIC's Chief Executive Officer Brenda Mbathi said.
"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, making this one of the most future-oriented, real-estate income products in the region."
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The minimum subscription amount is set at Sh129,000 shillings ($1,000), according to Maurice Opiyo, Managing Director of KCB Investment Bank, which is acting as transaction advisor, sponsoring broker and lead placing agent for the offer.
Proceeds will be invested exclusively into green-certified commercial towers built to international sustainability standards, TRIFIC said.
The North Tower, offering more than 16,000 square metres of lettable area, is already 92 per cent leased to multinational service-exporting firms, TRIFIC said. Planning for a second tower is underway.
Tenants at TRIFIC are mainly global service exporters including business process outsourcing firms, tech companies, shared services centres and professional services firms that serve clients worldwide and create export-oriented jobs for Kenyan professionals.
Mbathi noted that long-term dollar-based leases with guaranteed annual escalations, combined with TRIFIC's embedded service-support model, create a reliable and growing income stream for investors.
Under Income REIT regulations of the Capital Markets Authority, at least 80 per cent of net profits must be distributed as tax-exempt dividends, further enhancing investor returns.
TRIFIC occupies 64 acres within the 106-acre Two Rivers Development and has operated under its SEZ licence since June 2023. It is designated as a Project of Strategic National Importance and aligns with Kenya's Vision 2030 Agenda.
The launch event was attended by Centum Investment Company Group CEO James Mworia, NCBA Kenya Managing Director James Gossip, along with Mbathi and Opiyo.
Allotment to successful investors is scheduled for June 15, with results and refunds to be processed the following day, TRIFIC said.