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, 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.”
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.