The Two Rivers International Finance and Innovation Centre (TRIFIC), a Special Economic Zone operator within Nairobi’s Two Rivers Development, has launched a USD 37.3 million green, dollar-denominated Income Real Estate Investment Trust (I-REIT) to finance the acquisition and expansion of premium commercial towers within its SEZ.
The offer opens on May 13 and closes on June 12, 2026, with proceeds earmarked for the purchase of the TRIFIC North Tower and the development of additional environmentally certified office buildings aligned with international green construction standards.
The transaction positions itself among Kenya’s early USD-denominated green income REITs, offering both institutional and retail investors exposure to a hybrid infrastructure-real estate income instrument tied to export-oriented service revenues.
“The I-REIT investors will effectively earn a stable share of the export revenues of a diversified portfolio of global service firms operating from TRIFIC, making this one of the most future-oriented real estate income products in the region,” said TRIFIC Chief Executive Officer Brenda Mbathi at the launch.
The REIT is structured to distribute at least 80 percent of net income as tax-exempt dividends under Capital Markets Authority regulations, a feature expected to support yield attractiveness for income-focused investors.
The minimum subscription is set at USD 1,000, with allotment scheduled for June 15, 2026. Results and refunds will be processed the following day. The REIT is expected to list on the Nairobi Securities Exchange on June 23 under the Main Investment Market Segment.
KCB Investment Bank is acting as transaction advisor, sponsoring broker, and lead placing agent.
“This offer is unrestricted and open to both institutional and retail investors,” said KCB Investment Bank Managing Director Maurice Opiyo. “It provides access to a dollar-based income stream backed by high-quality commercial real estate anchored by global tenants.”
Centum Investment Company Group Chief Executive Dr James Mworia and NCBA Bank Kenya Managing Director James Gossip attended the launch.
TRIFIC’s North Tower, with more than 16,000 square metres of lettable space, is currently 92 percent leased to multinational business process outsourcing firms, technology companies, shared services centres, and professional services firms serving global markets.
The tenant base is largely composed of export-oriented service companies generating foreign currency revenues through international contracts, reinforcing the SEZ’s positioning within Kenya’s growing knowledge economy.
Ms Mbathi noted that long-term USD-denominated leases with annual escalations, combined with integrated facility support services and SEZ tax incentives, underpin a predictable and scalable income stream for investors.
Located within Nairobi’s diplomatic “blue zone,” TRIFIC is the only private services-focused SEZ in the capital. It spans 64 acres within the broader 106-acre Two Rivers Development and has operated under its SEZ licence since June 2023.
The project is classified as a Project of Strategic National Importance (PSNI) and aligns with Kenya’s Vision 2030 agenda, particularly priorities around expanding high-value exports, attracting foreign direct investment, and scaling green urban infrastructure.
Planning is already underway for a second tower in response to rising demand for premium SEZ-grade office space.