NAIROBI, Kenya, July 31 – Acorn Investment Management Limited (AIML) has posted Sh283 million for the first half of the year ending June 30th, 2023.
The profit was realized from its Acorn Student Accommodation Income REIT (I-REIT) and Acorn Student Accommodation Income Development REIT (D-REIT).
“In a challenging economic environment, the financial performance of the ASA REITs continues to showcase our commitment to delivering value to our investors,” AIML Raghav Gandhi said.
“Now with the continuing scale-up of the portfolio, the REIT Manager is finding new opportunities to reduce cost by benefiting from economies of scale, which should help sustain profitable growth into the future.”
ASA D-REIT develops properties such as Qwetu and Qejani that are then acquired by ASA I-REIT for long-term management.
While ASA D-REIT profit grew to Sh170 million from Sh105 million, ASA I-REIT profit grew from Sh186 million to Sh325 million.
“Following the Shariah Permissibility certification, we are pleased to be able to introduce to the Capital Markets this investment opportunity, given the dearth of options for Shariah investors. We look forward to their participation in our capital raising efforts,” Gandhi added.
Consequently, the developer has announced a Sh87 million enhanced interim dividend.
