Stanlib Kenya Limited (SKL) will dispose of investment management mandates, rights, and obligations for Stanlib Fahari I-REIT to ICEA Lion Asset Management Limited (ILAM).
According to a statement seen by Kenyan Wallstreet, SKL entered into a business agreement deal with ILAM on 6th November 2019.
The deal will see ILAM acquire SKL’s role as promoter and REIT manager in relation to the REIT. However, ILAM will not assume any of the debts and liabilities of SKL relating to the REIT business.
Analysts estimate the deal to be worth more than Ksh1.5B and is expected to be completed by 29 February 2020 subject to approvals from Capital Markets Authority (CMA) and Competition Authority of Kenya (CAK).
