Africa-Press – Kenya. Centum Investment-owned Two Rivers International Finance and Innovation Centre (Trific) is looking to raise about $37.3 million (Sh5 billion) from investors through a property investment fund to finance its new development.
The money will be used to buy its flagship building, the Two Rivers International Finance and Innovation Centre North Tower, and help finance the construction of a new 22-storey office tower.
The Sh5 billion Income Real Estate Investment Trust (I-REIT) come at a time that Nairobi’s grade A office market is showing clear signs of recovery.
A latest market update report by property consultancy Knight Frank shows that occupancy in prime office buildings rose to 77.7 per cent by the end of June 2025, up from 72.7 per cent at the start of 2025, driven by strong demand for newly completed, modern offices.
For investors, TRIFIC says the planned I-REIT is designed to be attractive and low-risk as rental income from the building is paid in US dollars, helping protect investors from currency fluctuations.
TRIFIC SEZ chief executive Brenda Mbathi, said the firm will be looking to pay out almost all the rent money it collects from the offices directly to its investors.
“The North Tower is fully occupied, and part of the I-REIT proceeds will be rolled over to develop the next tower. The TRIFIC I-REIT is entirely debt-free, ensuring rental income is not used to service debt and preserving distributable cash flows,” said Mbathi.
The 64-acre TRIFIC SEZ received its licence in June 2023 and is positioning itself as a hub for service and technology companies serving global markets.
With modern infrastructure and simplified regulatory support, TRIFIC aims to make Kenya—and Africa—a stronger player in the global services and innovation economy.
This is not the first time the development is getting to the market for capital. Two Rivers has raised capital from investors on several occasions to finance the development and expansion of its flagship real estate projects.
In 2024, Two Rivers International Finance and Innovation Centre (TRIFIC SEZ) secured about $47.5 million (Sh6.1 billion) in equity and mezzanine financing from pan-African investor Vantage Capital, aimed at acquiring and expanding office space within the Special Economic Zone.
Earlier, Centum reduced its stake in the broader Two Rivers development by ceding approximately 42 per cent of the real estate project to local and international investors in a deal valued at about Sh6 billion, marking another significant capital injection.
The project has also benefited from earlier large-scale funding. Around 2015, AVIC International, ICDC and Co-operative Bank committed roughly $155 million (Sh19.99billion) in a mix of equity and debt to support the initial phases of the Two Rivers development.
“Our target is to elevate Kenya and Africa as key players in global service and technology markets, positioning the continent not just as a participant but as a leader in global innovation,” Mbathi said.
Trific’s North Tower already hosts a diversified mix of export-oriented service enterprises, including business process outsourcing (BPO), financial services, ICT and professional and advisory firms.
The proposed tower will comprise 21 floors of office space, a roof level, basement and ground-floor parking with capacity for more than 700 vehicles.
The anchor tenant at the North Tower is Teleperformance, the world’s largest BPO operator, which occupies 45 per cent of the building under a long-term lease.
The zone aims to position itself as a regional hub for service-oriented and technology-driven businesses, offering modern infrastructure and streamlined regulatory support.
