The Capital Markets Authority (CMA) on Monday approved the grant of a Real Estate Investment Trust (REIT) Manager license to Acorn Investment Management Limited.
In approving the grant of the license to Acorn Investment management Limited, CMA confirmed the firm met the requirements for REIT Managers as provided in the Capital Markets (Real Estate Investment Trusts)(Collective Investment Schemes) Regulations, 2013, the Capital Markets (Corporate Governance)(Market Intermediaries) Regulations, 2011, and any other applicable Regulations.
Edward Kirathe, CEO of Acorn Holdings Ltd said the company’s immediate vision at Acorn is to build a best-in-market business that profitably develops, owns and manages the most sought-after purpose-built rental accommodation for young people in Nairobi and ultimately to become Africa’s leading rental housing business.
“We are delighted to have received the CMA approval for a REIT Manager license. We are grateful for the support the CMA has given us throughout the process, without which we could not have completed this as expeditiously as we did. This approval is an important milestone on this journey,” said Kiraithe.
A REIT Manager is a company incorporated in Kenya and licensed by the Capital Markets Authority to provide real estate management services in respect of a Real Estate Investment Trust.
On November 4, the regulator granted consent to ABSA Asset Management Limited for the registration of Absa Unit Trust Funds which comprise of the 5 Funds namely; Absa Shilling Fund, Absa Dollar Fund, Absa Bond Fund, Absa Equity Fund, and the Absa Balanced Fund.
The Authority noted that the approval to register Absa Unit Trust Funds was issued in accordance with section 30 of the Capital Markets Act and Part II of the Capital Markets Collective Investment Schemes Regulations, 2001.
According to the Capital Markets Act, a collective investment scheme includes an investment company, a unit trust, a mutual fund or other scheme which is incorporated or organized under the laws of Kenya which collects and pools funds from the public or a section of the public for the purpose of investment; or is managed by or on behalf of the scheme by the promoter of the scheme.