Business
Fahari I-Reit’s Sh401M Bid Restructuring Closes Today
Today marks the conclusion of the transformation of the real estate investment trust (I-Reit) ILAM Fahari’s unrestricted ILAM Fahari IFIR into a restricted I-Reit.
The redemption, which started 30 days ago, enables IFIR non-professional investors to exchange 36.5 million Reit units for Sh11 each.
The company reported that subscription to the offer is favorable.
Four real estate assets, including Greenspan Mall, Highway House, a three-story industrial structure off Mombasa Road, and 67 Gitanga Place, are part of the portfolio of ILAM Fahari I-Reit.
The trading of the ICEA LION Asset Management (ILAM) Fahari I-REIT will be temporarily halted at the Nairobi Securities Exchange (NSE) from today through October 25.
This was confirmed by ICEA LION Asset Management (ILAM) Chief Executive Officer Einstein Kihanda.
“We are pleased with the market’s positive response to the conversion and redemption offer so far, and we encourage all Non-Professional Investors who are considering redeeming their units to do so or top up to reach the Professional Investor threshold before the offer closes on Friday 6th October at 5:00 p.m.,” Kihanda said.
ILAM Fahari I-REIT CEO Raphael Mwito added, “The redemption offer is pivotal to our ongoing operational restructuring plan to ensure the REIT’s sustainability and improve its ability to generate returns for unitholders.”
“It is also an opportunity for unitholders whose unit value is less than KSH 5 million to exit the REIT at a premium to the current market price.”
