Nairobi Securities Exchange : Press Release - The Listing of the LAPTRUST Imara I-REIT

PRESS RELEASE

H.E PRESIDENT DR. WILLIAM RUTO, C.G.H OFFICIATES THE HISTORIC LISTING OF THE LAPTRUST IMARA I-REIT AT THE BOURSE

Wednesday 22 March 2023: Kenya's oldest pension scheme, the Local Authorities Pension Trust (LAPTRUST) has this morning listed the first Income- Real Estate Investment Trust (I-REIT) by a pension fund at the Nairobi Securities Exchange (NSE) in a ceremony officiated by His Excellency Dr. William Samoei Ruto, C.G.H., President of the Republic of Kenya and Commander-in-Chief of the Defence Forces.

Dubbed the 'LAPTRUST Imara I-REIT', the listing of the Income REIT marks an important milestone for the LAPTRUST scheme and the Kenyan capital markets as a whole as it will provide investors with a unique opportunity to invest in a diversified portfolio of income-generating real estate assets. This should also spur to other pension schemes heavily invested in physical assets to unlock liquidity for the benefit of pensioners

"I am delighted to be part of this historic moment in the Kenyan capital markets. The listing of the LAPTRUST Imara I-REIT is a significant milestone, and I commend the Board of Trustees of the LAPTRUST scheme, the scheme's corporate administrator, CPF Financial Services, the NSE, the CMA and all stakeholders involved in this landmark transaction," said H.E Dr. William Ruto, C.G.H during the bell-ringing ceremony that took place at the Exchange in Westlands, Nairobi.

"The listing of the LAPTRUST Imara I-REIT is a significant achievement for CPF Financial Services, and we are proud to be part of this historic moment in the Kenyan capital markets. We believe that the Income REIT offers investors a unique opportunity to invest in a diversified portfolio of income-generating real estate assets, while also benefiting from the potential capital appreciation of these assets," said CPF Group Managing Director/CEO, Hosea Kili, OGW.

On his part the NSE Chairperson, Kiprono Kittony - noted that the listing of the LAPTRUST Imara I-REIT is an important development for the NSE and the Kenyan capital markets. "The listing of the LAPTRUST Imara I-REIT is a testament to the growing investor confidence in our markets and the attractiveness of the Kenyan real estate sector as an investment destination," Kiprono Kittony added.

The CEO of the Retirement Benefits Authority (RBA) - Charles Machira - pointed out that; "the listing of the LAPTRUST Imara I-REIT is a positive development for the Kenyan pension industry. It provides an additional avenue for pension funds to invest in income-generating real estate assets, which will help to diversify their investment portfolios."

The REIT Trustee, Co-operative Bank, posited that the listing of the LAPTRUST Imara I-REIT is an innovative approach to the off-loading of real estate assets for pension funds.

"As the LAPTRUST Imara I-REIT Trustee, we are committed to ensuring that the Trust operates in accordance with the highest standards of governance and transparency," said Co-operative Bank CEO - Gideon Muriuki.

The Capital Markets Authority Chairman, Mr. Ugas Mohamed noted; ''the upscaling of Real Estate Investment Trusts (REITs) as a capital markets product is quite timely as the product can unlock the potential of the real estate industry. REITs offer investors a unique opportunity to invest in the real estate market, including those who may not have the capital or expertise to invest in physical properties. This is an ideal investment vehicle for Mama Mboga and the Boda Boda community. As a capital markets industry, we have an opportunity to also contribute to the national agenda by facilitating investments in affordable housing projects''.

The bell-ringing ceremony for the listing of the LAPTRUST Imara I-REIT is a significant event for the LAPTRUST scheme and the Kenyan capital markets. The Income REIT offers investors a unique opportunity to invest in a diversified portfolio of income-generating real estate assets, while also benefiting from the potential capital appreciation of these assets.

End…

For more information, please contact:

Irene Mbonge,

Group Head, Corporate Affairs,

Mobile: +254 721 801 863

E-Mail:imbonge@cpf.or.ke