NAIROBI, Kenya, Mar 27 – Acorn Investment Management Limited (AIML) reported a Sh1.4 billion net profit for 2024 across its Acorn Student Accommodation Development REIT (ASA D-REIT) and Income REIT (ASA I-REIT), nearly 200 percent growth from Sh467 million in 2023.
The strong performance was driven by ASA D-REIT’s rebound.
Total Assets Under Management (AUM) rose to Sh26.4 billion, up Sh5.6 billion from 2023, reinforcing investor confidence.
Acorn’s student accommodation portfolio now stands at 21,000 beds, making it Africa’s largest Purpose-Built Student Accommodation (PBSA) provider.
ASA I-REIT surpassed Sh1 billion in rental revenue for the first time, supported by high occupancy and acquisitions such as Qwetu Aberdare Heights II (Sh1.5 billion, 627 beds), pushing AUM to Sh11 billion. It also declared Sh224 million in distributions, maintaining its payout record despite high interest rates.
Meanwhile, ASA D-REIT’s net profit soared to Sh840 million from Sh71 million in 2023, driven by completed projects. The REIT declared Sh293 million in distributions, up from Sh240 million, and expanded its portfolio with a prime Eldoret CBD site for 2,100 new beds, increasing AUM to Sh15.4 billion.
Acorn aims to scale its PBSA portfolio, lower financing costs, and expand into new university towns in Kenya.
Executive Director Mathew Maina emphasized a focus on sustained profitability and investor returns despite economic challenges.
