The REIT Manager has appointed Knight Frank Kenya Ltd., a specialist Property Manager, to provide property management functions in respect of the REIT’s properties.
Knight Frank Kenya Ltd. provides an integrated suite of high-quality real estate services across Africa and the Middle East, including facilities management, advisory & transaction services, project management, broking, valuations and property management (outside of South Africa).
Knight Frank Kenya Ltd. has an extensive national and international footprint, with over 35 offices throughout Africa & The Middle East including offices in Nairobi (Kenya), Windhoek (Namibia), Gaborone (Botswana), Lagos (Nigeria), Harare (Zimbabwe), Lusaka (Zambia) and Accra (Ghana).
The scope of services managed by Knight Frank Kenya in respect of the ILAM Fahari I-REIT property portfolio include:
- Administration of leases and tenancy agreements
- Billing and collection of rents
- Carrying out reviews and escalations of rents
- Leasing of vacant units – formulating a leasing strategy, structuring leases, rental rebates and lease cancellations
- Preparation of letters of offer and negotiation of leases
- Supervision of service providers
- Co-ordination of payments to service providers
- Co-ordination of payment of all statutory outgoings
- Attending to tenancy matters
- Administration and transparency of service charge accounts
- Conducting physical inspections of the direct properties on a regular basis and ensuring that they are maintained in good order according to the required standards
- Monitoring and controlling the services provided, including cleaning, maintenance and security, while providing pro-active advice relating to future investment in the properties to maintain high occupational standards and the prestige of the address.
- Advising the REIT Manager on value maximization strategies for the portfolio
- Preparation of monthly, quarterly, semi-annual and annual management reports
- Preparation of budgets and forecasts – annual, quarterly, operating and capital budgets, preparation of quarterly financial results and reporting on spend against budget
- Timely and accurate financial reporting to both tenants and REIT Manager
- Producing clear statements to both REIT Manager and tenants