ICEA Lion takes over Stanlib Fahari I-Reit
Friday, May 22, 2020 0:01
By VICTOR JUMA
ICEA Lion Asset Management CEO Einstein Kihanda.
PHOTO | SALATON NJAU
ICEA Lion Asset Management has taken over the management of listed property fund Stanlib Fahari I-Reit after signing an agreement to acquire its former administrator Stanlib Kenya.
Stanlib’s operations included asset management and the running of the property fund and ICEA is assuming all these responsibilities.
ICEA, owned by the Philip Ndegwa family, has however moved to take over Stanlib’s operations including management of Fahari, signalling certainty of deal closure.
“The parties are now pleased to announce that all the conditions precedent in relation to the transfer of the management of the Reit … have been fulfilled, with the result that such transfer became effective on 18 May 2020 and has been implemented,” said ICEA and Stanlib in a joint statement.
