The Capital Markets Authority (CMA) has granted NCBA Bank Kenya PLC a license to operate as a Real Estate Investment Trust (REIT) Trustee.
According to CMA, the issuance of the 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, Mr. Wyckliffe Shamiah, said; ‘’the Authority remains committed to support the National Government’s Affordable Housing agenda through facilitating the uptake of REITs, an innovative capital markets product.’’.
NCBA Bank is now expected to play an integral role in supporting investments in the real estate sector, contributing to the growth of the economy and the Affordable Housing Initiative
Mr. Shamiah emphasized the importance of REITs as a capital market product that not only provides investment opportunities for Kenyans but also serves as a catalyst for the development of affordable housing ventures in the country.