The Nairobi Securities Exchange (NSE) listed real estate investment trust ILAM Fahari Real Estate Investment Trust (NSE: FAHR), conversion and redemption offer seeking to redeem up to 36.5 million units on the Nairobi bourse as part of an operational restructuring effort is set to open this Wednesday, 6th September 2023, ICEA LION Asset Management (ILAM) Chief Executive Officer Mr. Einstein Kihanda has confirmed.
The Nairobi Securities Exchange (NSE) listed real estate investment trust ILAM Fahari Real Estate Investment Trust (NSE:FAHR), has received regulatory approval from the Capital Markets Authority (CMA) to convert its unrestricted ILAM Fahari Income Real Estate Investment Trust (IFIR) into a restricted I-REIT.
ILAM Fahari I-REIT’s net earnings for the year ended 31st December 2021 declined to a loss of KShs 124.0 million compared to a profit of KShs 148.0 million in 2020. It was reported that the reversal was mainly attributable to revaluation losses recorded by the property portfolio in the context of the COVID-19 pandemic, whose impact continues to be a material valuation uncertainty in the short to medium term.
Proposed disposal of Stanlib Kenya Limited's Business in connection with the management of the Stanlib Fahari I-REIT to ICEA LION Asset Management Limited
STANLIB Fahari I-REIT has realized a net profit growth of 13% for the year ended 31 December 2018 which translates to KShs 193 Million. The results by the first and only real estate investment trust in Kenya listed on the Nairobi Securities Exchange – were buoyed by a net revaluation gain on its investment property of KShs 65 million.
STANLIB Fahari I-REIT‟s net profit for the first half of 2019 amounted to KShs 76.4 million, a 16% growth on the previous financial period‟s net profit. This translates to distributable earnings of 42 cents per unit (June 2018: 36 cents).
Tuesday 3rd July 2018, Nairobi: The Board of Directors of STANLIB Kenya Limited (STANLIB) has today announced the appointment of Ms. Nozipho Makhoba as the Acting Chief Executive Officer of the STANLIB Fahari I-REIT (Fahari-I-REIT) effective 1st July 2018. Nozipho replaces Mr. Kenneth Masika whose contract came to an end on 30th June 2018.
Nairobi, August 15, 2016...STANLIB’s Fahari I-REIT has registered an impressive 6.5 per cent interim half year return following its successful listing on the Nairobi Securities Exchange (NSE) last year.
STANLIB Fahari I - REIT has returned a net profit of Ksh.106 million, in the its inaugural 13 months ended 31st December 2016, since its successful listing at the Nairobi Securities Exchange.