The management of the listed property fund of Stanlib Fahari I-Riet has been assumed by the ICEA Lion Asset Management, following a signed deal to acquire its former Stanlib Kenya.
ICEA will have responsibility over Stanlib’s operations, which include asses the management and running of property funds.
The move to sell Stanlib to ICEA by the South Africa-based insurer, Liberty Holdings, will enable the insurer to focus more on other profitable ventures. The transaction is expected to conclude by August this year.
Stanlib operations have been moved to ICEA, which is owned by the Ndegwa family, confirming the deal’s closure.
“The parties are now pleased to announce that all the conditions precedent in relation to the transfer of the Riet’s management…have been filled, with the result that such transfer became effective on 18 May 2020 and has been implemented,” said ICEA and Stanlib in a joint statement.
“ICEA is accordingly now the manager and promoter of the Reit.”
Stanlib was able to acquire Sh70 million last year for managing the property fund from Sh76.5 million in 2018, a reflection of the amount ICEA will earn for operating the Reit.