CMA licenses Real Estate Investment Trust (REIT) Trustee

Nairobi, 05 February 2024…The Capital Markets Authority (CMA) has granted a license to NCBA Bank Kenya PLC to operate as a Real Estate Investment Trust (REIT) Trustee. The issuance of license is in line with 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.

The CMA Chief Executive Officer, Mr. Wyckliffe Shamiah, said; ‘’the Authority remains committed to support the National Government’s Affordable Housing agenda through facilitating uptake of REITs, an innovative capital markets product. NCBA Bank Kenya PLC is expected to support investments in the real estate sector, contributing to the growth of the economy and the Affordable Housing Initiative’’.

Mr. Shamiah emphasized the importance of REITs as a capital market’s product that not only provides an investment opportunity for Kenyans but also serves as a catalyst for the development of affordable housing projects.

CMA remains dedicated to providing a robust regulatory environment that encourages innovation and sustainable economic development.

ENDS

BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke