Our Journey


  • Conceptualization of the REIT product by STANLIB Begins
  • CMA RETIs Regulations Enacted


  • 30th September: REITS CMA license and business registration
  • Income Tax Act amended to include REITs Exemption
  • 27th November: IPO Listing
  • Commenced operation with 3 seed properties


  • Commenced construction of a modern 300 seat capacity, 3 screen cinema at Greenspan Mall
  • New office building acquired for Ksh. 850M. Portfolio increased to 4 properties.


  • May: Completed Cinema development at Greenspan Mall
  • 7th November: STANLIB announced disposal of fund management businss including the REITs


  • 18th May: ICEA LION Asset Management became the REIT Manager & Promoter
  • Covid-19 Pandemic
  • Distressed Anchor Tenant (Tuskys)


  • May: Naivas onboarded as new anchor Tenant at Greenspan Mall
  • ILAM undertook through Strategic Review of the REIT, comenced restructuring


  • February: Naivas opens its flagship branch at Greenspan
  • Optimization of Assets
  • Restructuring continues


  • Disposal of non-core assets
  • CMA approval of the Proposed:
    1. Conversion of the ILAM Fahari I-REIT from an unrestricted I-REIT into a restricted I-REIT.
    2. Redemption offer of 36,585,134 units from non-professional investors.