Type to search

News

CMA Licenses Cytonn Asset Managers to Operate as REIT Managers

Jacquiline 2 years ago
Share

Capital Markets Authority (CMA) granted Cytonn Asset Managers Limited (CAML)a license to work as Real Estate Investment Trust (REIT) Managers.

The endorsement makes it the ninth Kenyan Fund Manager to be authorized for operations as REIT Manager by CMA.

REITs are companies that allows investors to pool their money to invest in a collection of properties or other real estate assets.

This comes shortly after having been recently awarded a license to manage retirement benefit schemes funds by the Retirement Benefits Authority (RBA) in December 2018.

The new regulated investment vehicle will now be able to register their own REIT products, that entail Development REIT’s and Income REIT’s, permitting them to access a pool of investor capital that wishes to take specific real estate exposure.

While receiving the REIT Manager License, Mr. Maurice Oduor, Principal Officer, Cytonn Asset Managers, emphasized that Kenya’s real estate market has seen exponential growth over the years, and consistently delivered attractive returns to investors.

“However, a key challenge facing the real estate sector is access to financing, away from the traditional sources of funding which include bank funding. Financing structures such as REIT’s and real estate backed funds such as high yield fund, offer a capital markets-based solution to raising funds towards real estate development, and also a chance for eligible investors to invest and gain attractive yields, capital appreciation and above-average total returns”, Mr Oduor elaborated.

Mr. Edwin Dande, Chief Executive Officer, Cytonn Investments observed that the move is an important milestone for CAML because it allows them to bring investment grade real estate offerings to a wider pull of clients through regulated capital markets vehicles.

“This will be the first real estate backed high yield fund in the market and it demonstrates that our capital markets are open to innovation.” he stated.

SOURCE: https://khusoko.com/cytonn-asset-managers-awarded-licence-to-operate-as-a-reits-manager/

Image Source: Cytonn’s FB

PLOTS AND HOUSES FOR SALE
Kenya2U has Great Property Deals Just for You!
• Intercity Gardens in Kitengela@ Ksh1.895M
• Tinga Springs in Kajiado @ Ksh99,000
• Ruaka Ridge homes in Ruaka @ Ksh7.1M
• Grey Oak property in Nanyuki @ Ksh350,000
• Grey Oak property in Athi River @ Ksh450,000
• Blue Bells Apartment along Beijing Road @Ksh7.4M
• inFinity Properties in Kantafu @Ksh 625,000
Call 0742343908 to Book yours Now!

%d bloggers like this: