STANLIB Fahari I-REIT last week approved a final dividend of 50 cents per unit after an impressive performance that saw the trustee record a net profit of Sh106 million for the period ended 31 December, 2016.
The Chief executive of Stanlib Fahari I-REIT Kenneth Masika attributed the growth in both capital and rental income during the thirteen months after its successful inaugural listing at the Nairobi Securities Exchange (NSE), even as it lay focus on awareness creation to boost the product’s public acceptance.
“To have greater engagement with stakeholders, investors and the general public to increase education and awareness on the benefits of investing in I-REIT, through roadshows and various media activities. We shall also be engaging with the regulator and industry stakeholders especially the NSE to roll out a major awareness campaign,” said Masika.
The REIT, launched in the market in November 2015 closed the period with a net asset value per unit of Sh19.81, while the trustee’s total revenues stood at Sh248.5 million in rental and related incomes.
The REIT trustee also approved a total distribution of Sh 90.5 million, approximately 92 per cent of its distributable earnings that stood at Sh98million during the period under review.
The REIT has currently invested in 3 seed properties namely Greenspan Mall, Bay Holdings and Signature International at a total consolidated cost valued at Sh2.4 billion, with plans to acquire the fourth property afoot.
The firm said it invested balance of the funds, Sh1 billion in near cash instruments, in line with the REIT Regulations and our internal Investment Policy Statement, whose main aim is to maximise returns with minimal exposure to risk.
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