The Capital Markets Authority (CMA) has granted a license to Mi Vida Homes to operate as a Real Estate Investment Trusts (REITs) Manager. As a REIT Manager, Mi Vida will provide real estate management services in respect of real estate investment trusts (REITs).
Acknowledging the approval by CMA to operate as a REIT Manager, Mi Vida Homes CEO Samuel Kariuki said the current fundamentals and outlook for residential real estate present a compelling investment case for REITS as an alternative asset class. Through these, institutional and retail investors can tax-efficiently access this asset class.
“There has been a lot of momentum towards deepening the REITS market in Kenya in the recent past and we appreciate the role of the CMA, the NSE and the REITs Association in that. As Mi Vida, we are excited at getting to this milestone as part of our long-term ambition to catalyse mobilization of capital markets towards both supply and demand side financing for real estate,” Kariuki noted.
Kariuki further noted that it was a honour to be part of the incubation program for REITs issuers and the firm has developed a rich pipeline of derisked projects that will benefit from the program.
The Authority has also licensed Kingsland Court Trustee Services Limited as a corporate trustee and Mirova Sunfunder East Africa Limited as an investment adviser. At the same time, Securities Africa Kenya has been upgraded from a licensed stockbroker to investment bank. The licenses will remain in force unless otherwise suspended or revoked following the necessary due process.