By Constant Munda | From The Star via AllAfrica
The Nairobi Securities Exchange has opened doors for institutional and retail investors to share in returns from real estate sector without owning physical property.
The Real Estate Investment segment opened yesterday, with the first offer by fund manager Stanlib going for Sh20 per unit [an equivalent of a share for equities].
StanLib has set a minimum of Sh20,000 for individuals and Sh1 million for institutions in the initial public offering targeting to raise between Sh2.6 billion and Sh12.5 billion through 625 million units.
The sale which runs to November 12 was approved by the Capital Markets Authority on October 2.
The units will list on the NSE on November 24, making Nairobi the third exchange in sub-Saharan Africa after Johannesburg and Lagos to trade in property trusts.
StanLib, owned by South Africa’s Liberty Group, will buy and manage prime property, hoping to cash in on ever-rising rental income and capital gains.
Read more at AllAfrica
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