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Two Rivers International Finance and Innovation Centre (TRIFIC), which operates the Two Rivers Special Economic Zone (SEZ), has announced plans to introduce a Sh5 billion green, US dollar–denominated Income Real Estate Investment Trust (I-REIT) to fund the development and acquisition of environmentally sustainable commercial office towers.
Once rolled out, the TRIFIC I-REIT will be Kenya’s first green, USD-denominated income-paying REIT, opening up a new investment class for investors seeking steady dollar returns alongside clear environmental impact.
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The plan was unveiled at an investor briefing in Nairobi attended by senior government officials and market leaders, among them Presidential Economic Council Chair Dr. David Ndii, Principal Secretary for Foreign Affairs Dr. Korir Sing’oei, Special Economic Zones Authority CEO Dr. Kenneth Chelule and Nairobi Securities Exchange CEO Frank Mwiti.
TRIFIC Chief Executive Officer Brenda Mbathi said the SEZ framework provides the foundation for predictable and stable income under the proposed REIT.
She explained that TRIFIC offers an integrated ecosystem combining physical infrastructure with business support services embedded in tenant leases, covering both establishment and ongoing operations, which ensures reliable recurring income for the I-REIT.
The bundled services include regulatory and compliance support, utilities management, talent facilitation, SEZ one-stop-shop services and high-quality digital connectivity.
Funds raised through the I-REIT will be invested solely in green-certified commercial towers built to international sustainability standards. The main tenants will be global service exporters such as business process outsourcing firms, technology companies, shared services centres and professional services firms serving international markets.
TRIFIC said the structure allows investors to earn returns linked to export revenues generated by a diversified group of global service companies operating within the SEZ, positioning the product as one of the region’s most forward-looking real estate income vehicles.
The REIT is expected to deliver annual US dollar yields of more than 7%, supported by fully USD-denominated leases, built-in annual rent escalations and additional income from bundled support services.
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Mbathi noted that the combination of long-term dollar leases with guaranteed escalations and TRIFIC’s integrated service model creates a stable and growing income stream for investors.
In line with Capital Markets Authority regulations, income REITs are required to distribute at least 80% of net earnings as tax-exempt dividends, further boosting the product’s attractiveness.
Subject to regulatory approval, the offer is expected to open in January 2026 and will be listed on the Nairobi Securities Exchange. Initial funds will be used to acquire the TRIFIC North Tower, with subsequent capital raises targeting additional green, dollar-earning assets within the SEZ.
The North Tower has over 16,000 square metres of lettable space and is already about 90% occupied by multinational service-export firms, while plans for a second tower are underway in response to growing demand.
Located in Nairobi’s diplomatic blue zone, TRIFIC is the only privately developed, services-focused SEZ in the city. It sits on 64 acres within the 106-acre Two Rivers Development and has operated under an SEZ licence since June 2023.
The project has been designated one of Strategic National Importance and aligns with Kenya Vision 2030 and the Bottom-Up Economic Transformation Agenda, supporting goals such as expanding globally traded services, attracting high-value foreign investment, creating quality jobs and promoting sustainable urban development.
