ILAM Real Estate and NSE Investment Admitted to Nairobi Securities Exchange Unquoted Securities Platform
(L-R) ILAM Fahari I-REIT CEO Raphael Mwito, ICEA Lion Group CEO Philip Lopokoyoit, ICEA Lion Asset Management CEO Einstein Kihanda, FSD Africa Director, Capital Markets Development Dr. Evans Osano, Capital Markets Authority CEO Wycliffe Shamiah and Nairobi Securities Exchange CEO Frank Mwiti during a bell ring event to mark Admission of ILAM Fahari I-REIT to the Unquoted Securities Platform (USP) of The Nairobi Securities Exchange.
By Aoma Keziah,
The Nairobi Securities Exchange (NSE) has welcomed the admission of ILAM’s Real Estate and NSE Investment to its Unquoted Securities Platform (USP). This strategic move aims to enhance the liquidity and visibility of these investments, offering investors new opportunities within the real estate and financial sectors.
ILAM, a prominent investment firm known for its robust portfolio in real estate and financial markets, has taken a significant step by listing its Real Estate and NSE Investment on the USP. This platform, designed to cater to firms that are not publicly listed, provides a regulated environment for trading unquoted securities, thus broadening access for investors.
During the admission ceremony , to commemorate the REIT’s admission to the USP, ILAM CEO Einstein Kihanda expressed confidence in the REIT’s ability to thrive noting that the move will enable the company to unlock the REIT’s full growth potential, reduce costs, attract new investment, and acquire additional properties to reach a sustainable asset base size.
“We are upbeat about the potential of the REIT following its listing at the USP. This move provides us with increased flexibility and potential for growth. The new structure aligns with ILAM Fahari’s strategic vision to optimize its investments and provide investors with innovative avenues to diversify their portfolio.” Mr. Kihanda said.
The decision to convert and restructure stems from the ILAM Fahari I-REIT’s comprehensive strategic review in 2021, which sought to understand the challenges the I-REIT faced and develop potential strategies to improve the returns and market performance. The long-term plan will elevate returns and market performance through asset optimization and the growth of Assets Under Management (AUM).
Upon successful implementation of the strategy, the REIT will consider relisting on the NSE after 3 years. Under this new segment, ILAM Fahari I-REIT will remain regulated by the Capital Markets Authority.
“The unquoted securities platform plays a crucial role in our capital markets ecosystem by providing a gateway for innovative financial instruments. It promotes inclusivity, allowing a diverse range of issuers to access capital and enabling investors to participate in emerging sectors of our economy. ILAM Fahari I-REIT’s presence on this platform exemplifies the platform’s role in fostering growth and unlocking value in Kenya’s real estate market.” Capital Markets Authority CEO Wycliffe Shamiah remarked.
Reiterating his remarks, the NSE Chief Executive Officer Mr. Frank Mwiti noted that The admission of the ILAM Fahari I-REIT is a testament of the commitment by the leadership of the REIT to put the needs of their unit holders at the core of their operations and a demonstration of their dedication to ensuring unit holders enjoy maximum value from their investment in the form of capital protection, appreciation and dividends.
“The admission is also a strategic move aimed at ensuring that the REIT is well positioned to take advantage of future growth opportunities.” Mr. Mwiti stated.
ILAM will seek high-quality assets in prime locations with strong tenants and aims to double its portfolio value from Kshs 3.5 billion to Kshs 7 billion within the next three years.
The USP has been instrumental in providing a platform for companies that may not meet the stringent requirements of the main NSE board but still seek to offer their securities to a wider pool of investors. By facilitating the trading of these unquoted securities, the USP helps bridge the gap between private companies and the public market.
As ILAM’s Real Estate and NSE Investment begin trading on the USP, investors are encouraged to take advantage of the new opportunities presented. The admission not only enhances ILAM’s market presence but also reaffirms the NSE’s role in fostering a dynamic and inclusive investment environment.
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