This will be the first listing in East Africa by a UK property investment company/FILE
This will be the first listing in East Africa by a UK property investment company.
The listing is expected to take place in the fourth quarter of 2015 and will give Kenyan investors exposure to the UK property market.
The firm will allocate the funds and distribute tax efficient income streams to Kenyan and international investors.
Investors will receive returns through dividend distribution of rental income, special dividends on sale of properties and value-added opportunities.
The firm’s portfolio will be managed by Kenswick Capital Management, led by Chairman Richard Britten-Long.
“We intend to maximise returns for shareholders through our well developed networks and decades of experience of managing very large UK government tenanted property portfolios in the UK. Our policy for the UK market – and possibly Europe in time – is risk averse, focused and strategic,” Britten-Long says.
St Paul’s will be chaired by Patrick Walker, a Kenyan, who was a partner and later Managing Director of Tysons Limited in Kenya – a real estate firm and was responsible for Knight Frank’s East African entry, serving as Regional Director for 10 years.
“Many Kenyan investors are already investing into UK real estate for their own account. St Paul’s will give a formal structure for this, as well as provide liquidity through the listing. The group will maintain high standards of corporate governance with the appointment of external non-executive directors, who have track records of achievement and excellence with public companies,” Walker says.
Burbidge Capital has been appointed as nominated adviser for the listing. Coulson Harney will act as legal advisers, Deloitte Kenya as reporting accountant and Levanter Africa as communications advisers.
“We look forward greatly to welcoming St Paul’s to the Exchange, once it has satisfied the listing criteria. We believe a NSE listing on the GEMS market, will be a perfect platform for this innovative investment product,” says NSE Chief Executive Geoffrey Odundo.