The Two Rivers International Finance and Innovation Centre (TRIFIC) Special Economic Zone has launched a Sh4.8 billion (USD 37.3 million) Green, USD-denominated Income Real Estate Investment Trust (I-REIT) aimed at financing sustainable commercial real estate developments within its Special Economic Zone in Nairobi.
The offer, which officially opens on May 13 and closes on June 12, 2026, will fund the acquisition of the TRIFIC North Tower and support the development of additional environmentally sustainable premium commercial towers within the zone.
Kenya’s First Green USD-Denominated Income REIT
TRIFIC said the I-REIT will become one of Kenya’s first green, USD-denominated income-distributing REITs, offering investors an opportunity to access stable dollar-based returns while supporting sustainable urban development.
Speaking during the launch in Nairobi, TRIFIC Chief Executive Officer Brenda Mbathi said the investment vehicle introduces a new asset class for investors seeking long-term income backed by export-oriented businesses operating within the Special Economic Zone.
“This offer is unrestricted and therefore open to both institutional and retail investors. Investors will effectively earn a stable share of export revenues generated by a diversified portfolio of global service firms operating from TRIFIC,” said Ms Mbathi.
Offer Open to Retail and Institutional Investors
The minimum subscription amount has been set at Sh129,000 (USD 1,000), making the offer accessible to a broad range of investors interested in Kenya’s commercial real estate sector.
KCB Investment Bank Managing Director Maurice Opiyo said the product provides an opportunity for investors to participate in a future-focused real estate investment linked to growing demand for global business services.
KCB Investment Bank is serving as the transaction advisor, sponsoring broker and lead placing agent for the offer.
Successful allotments will be announced on June 15, while refunds and offer results will be processed on June 16. The I-REIT is expected to list on the Main Investment Market Segment of the Nairobi Securities Exchange on June 23, 2026.
Proceeds to Support Green Commercial Infrastructure
According to TRIFIC, all proceeds from the I-REIT will be invested exclusively in green-certified commercial towers developed to international sustainability standards.
The North Tower, which offers more than 16,000 square metres of lettable space, is already 92 per cent occupied by multinational service-exporting firms.
TRIFIC said planning for a second tower is underway to meet increasing demand from global tenants.
Hub for Global Service Exporters
The Special Economic Zone hosts tenants including Business Process Outsourcing (BPO) firms, technology companies, shared services centres and professional services firms serving international markets.
Ms Mbathi noted that the long-term dollar-based leases signed with tenants, coupled with annual rent escalation clauses, are expected to provide investors with a reliable and growing income stream.
Under Capital Markets Authority regulations governing Income REITs, at least 80 per cent of net profits must be distributed to investors as tax-exempt dividends.
Supporting Kenya’s Vision 2030 Agenda
TRIFIC occupies 64 acres within the larger 106-acre Two Rivers Development and has operated under its Special Economic Zone licence since June 2023.
Located within Nairobi’s diplomatic blue zone, the facility is currently the only privately operated services-focused SEZ in the city, offering integrated business support services, regulatory facilitation and modern infrastructure.
The project has been designated as a Project of Strategic National Importance and aligns with Kenya’s Vision 2030 development agenda by promoting foreign direct investment, expanding globally traded services, creating high-quality jobs and supporting green urban development.