NAIROBI, Kenya, Dec 15 – Two Rivers International Finance and Innovation Centre (TRIFIC), the operator of the Two Rivers Special Economic Zone (SEZ), has unveiled plans to launch a Sh5 billion green, USD-denominated Income Real Estate Investment Trust (I-REIT) to finance the development and acquisition of environmentally sustainable commercial towers.
The proposed TRIFIC I-REIT will be Kenya’s first USD-denominated, green, income-distributing REIT, creating a new asset class targeting investors seeking stable dollar yields alongside measurable environmental impact.
The announcement was made during an investor briefing in Nairobi attended by senior government and market leaders, including Presidential Economic Council Chairman Dr. David Ndii, Principal Secretary for Foreign Affairs Dr. Korir Sing’oei, Special Economic Zones Authority CEO Dr. Kenneth Chelule, and Nairobi Securities Exchange CEO Frank Mwiti.
TRIFIC Chief Executive Officer Brenda Mbathi said the structure of the SEZ underpins the income stability of the proposed REIT.
“TRIFIC provides its clients with a fully integrated ecosystem of physical infrastructure and business-support services covering both set-up and ongoing operational support embedded in the rental model, ensuring consistent recurring income for the I-REIT,” said Mbathi.
These services include regulatory facilitation, compliance support, utilities management, talent facilitation, SEZ one-stop-shop services and high-grade digital connectivity, all bundled into tenant leases.
Proceeds from the I-REIT will be invested exclusively in green-certified commercial towers built to international sustainability standards. The primary tenants are global service exporters such as business process outsourcing firms, technology companies, shared services centres and professional services firms serving international markets.
According to TRIFIC, investors will effectively earn a share of export revenues generated by a diversified pool of global service firms operating within the SEZ, positioning the product as one of the region’s most future-oriented real estate income instruments.
Investors are expected to earn annual US dollar yields of above 7%, supported by 100% USD-denominated leases, built-in annual rental escalations and additional revenues from bundled support services.
“These long-term, dollar-based leases with guaranteed annual escalations, combined with TRIFIC’s embedded service-support model, create a reliable and growing income stream for investors,” Mbathi added.
Under Capital Markets Authority regulations, income REITs must distribute at least 80% of net profits as tax-exempt dividends, further enhancing the product’s appeal.
The offer is expected to open in January 2026, subject to regulatory approvals, and will be listed on the Nairobi Securities Exchange. Initial proceeds will be used to acquire the TRIFIC North Tower, with future capital raises earmarked for additional green, USD-rent-generating assets within the SEZ.
The North Tower offers more than 16,000 square metres of lettable space and is already about 90% occupied by multinational service-exporting firms. Planning for a second tower is underway amid rising demand.
TRIFIC is located within Nairobi’s diplomatic blue zone and is the only privately developed, services-focused SEZ in the capital. It occupies 64 acres within the 106-acre Two Rivers Development and has operated under an SEZ licence since June 2023.
The project is designated a Project of Strategic National Importance and aligns with Kenya Vision 2030 and the Bottom-Up Economic Transformation Agenda, supporting priorities such as scaling globally traded services, attracting high-value foreign direct investment, creating quality jobs and promoting sustainable urban development.
