TRIFIC launches Sh4.8bn green property fund for dollar-yield investors

Brenda Mbathi, first Chief Executive Officer, Two Rivers International Finance & Innovation Centre (TRIFIC). [Courtesy]

The Two Rivers International Finance and Innovation Centre (TRIFIC) announced yesterday plans to launch a Sh4.8 billion ($37 milllion) property investment fund, designed to offer Kenyan investors US dollar yields from environmentally sustainable buildings in the special economic zone.

The operator of the services-focused special economic zone (SEZ) at the Two Rivers International Finance and Innovation Center- a designated area with different business and trade laws, said the TRIFIC Income Real Estate Investment Trust (I-REIT) would be Kenya’s first US dollar-denominated "Green" income-distributing REIT.

A REIT is a company that owns and operates income-generating real estate and distributes most of its profits to shareholders.

“TRIFIC provides its clients with a fully integrated ecosystem of physical infrastructure and business-support services covering both set-up and ongoing operational support embedded in the rental model, ensuring consistent recurring income for the I-REIT,” said TRIFIC CEO Brenda Mbathi in a statement.

Proceeds from the fund will be used to develop and acquire premium commercial towers certified for environmental sustainability within the TRIFIC SEZ in Nairobi.

The zone's tenants are primarily global service exporters, including business process outsourcing (BPO) firms, technology companies, and shared services centers.

The investment structure aims to give investors a share of the export revenues earned by these international firms. Investors are projected to earn annual US dollar yields above 7 per cent, supported by leases priced in dollars, built-in annual rent increases, and additional revenue from bundled business-support services, it said.

“These 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,” said Ms Mbathi.

Under Kenyan Capital Markets Authority rules for Income REITs, the fund must distribute at least 80 per cent of its net profits as dividends, which are tax-exempt for investors.

The offering is expected to open in January 2026, pending regulatory approval, and will be listed on the Nairobi Securities Exchange (NSE). Initial proceeds will fund the acquisition of the TRIFIC North Tower, which is already 90 per cent leased.

Located within Nairobi's secure diplomatic zone, the 64-acre TRIFIC SEZ has operated under its own licence since June 2023.

It says it is aligned with Kenya's long-term economic development plans, focusing on growing service exports and foreign investment.