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Stanlib Fahari I-Reit FY 2019
heri
#41 Posted : Tuesday, January 05, 2021 10:12:19 AM
Rank: Member


Joined: 9/14/2011
Posts: 797
Location: nairobi
Ericsson wrote:
heri wrote:
Did they get an anchor tenant at Greenspan?


Not yet before Christmas we shall know


Any news on this Sir?
Ericsson
#42 Posted : Tuesday, January 05, 2021 12:24:52 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,306
Location: NAIROBI
heri wrote:
Ericsson wrote:
heri wrote:
Did they get an anchor tenant at Greenspan?


Not yet before Christmas we shall know


Any news on this Sir?


They are yet to get a replacement for Tuskys as Anchor ⚓ tenant.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#43 Posted : Friday, March 19, 2021 9:33:51 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,306
Location: NAIROBI
FY2020 results
DPS 60 cents

https://mobile.twitter.c...2788571380219907/photo/1
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ebenyo
#44 Posted : Friday, March 19, 2021 5:22:11 PM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,993
Location: Kitale
Stanlib sold the REIT to icea lion.Now that they have declared a 0.60 dividend,it means there is still value.But whatever reason they sold the re it,it killed investors confidence to be in.
Towards the goal of financial freedom
Ericsson
#45 Posted : Saturday, March 20, 2021 7:57:42 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,306
Location: NAIROBI
Ebenyo wrote:
Stanlib sold the REIT to icea lion.Now that they have declared a 0.60 dividend,it means there is still value.But whatever reason they sold the re it,it killed investors confidence to be in.


The REIT was part of the Asset Management business that Liberty holdings was exiting in Kenya and Uganda.
Liberty sold Stanlib Uganda and Kenya to ICEALION.

https://www.businessdail...nya-uganda-units-2298118
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#46 Posted : Wednesday, May 19, 2021 5:15:49 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,306
Location: NAIROBI
Ericsson wrote:
heri wrote:
Ericsson wrote:
heri wrote:
Did they get an anchor tenant at Greenspan?


Not yet before Christmas we shall know


Any news on this Sir?


They are yet to get a replacement for Tuskys as Anchor ⚓ tenant.


Naivas to become anchor tenant at Greenspan mall.

https://www.businessdail...-in-donholm-mall-3405302
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Mastermind
#47 Posted : Wednesday, May 19, 2021 3:21:11 PM
Rank: Veteran


Joined: 1/25/2012
Posts: 1,622
Location: Langley
Ericsson wrote:
Ericsson wrote:
heri wrote:
Ericsson wrote:
[quote=heri]Did they get an anchor tenant at Greenspan?


Not yet before Christmas we shall know


Any news on this Sir?


They are yet to get a replacement for Tuskys as Anchor ⚓ tenant.


Naivas to become anchor tenant at Greenspan mall.

https://www.businessdail...in-donholm-mall-3405302[/quote]

How many Naivas Supermarkets in Donholm and its environs? Quick mart should have snapped this one!
If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
Monk
#48 Posted : Thursday, May 20, 2021 6:26:43 PM
Rank: Member


Joined: 7/1/2009
Posts: 227
Mastermind wrote:
Ericsson wrote:
Ericsson wrote:
heri wrote:
Ericsson wrote:
[quote=heri]Did they get an anchor tenant at Greenspan?


Not yet before Christmas we shall know


Any news on this Sir?


They are yet to get a replacement for Tuskys as Anchor ⚓ tenant.


Naivas to become anchor tenant at Greenspan mall.

https://www.businessdail...in-donholm-mall-3405302[/quote]

How many Naivas Supermarkets in Donholm and its environs? Quick mart should have snapped this one!


Malls not their locations of choice.
Ericsson
#49 Posted : Thursday, May 20, 2021 6:28:03 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,306
Location: NAIROBI
Monk wrote:
Mastermind wrote:
Ericsson wrote:
Ericsson wrote:
heri wrote:
Ericsson wrote:
[quote=heri]Did they get an anchor tenant at Greenspan?


Not yet before Christmas we shall know


Any news on this Sir?


They are yet to get a replacement for Tuskys as Anchor ⚓ tenant.


Naivas to become anchor tenant at Greenspan mall.

https://www.businessdail...in-donholm-mall-3405302[/quote]

How many Naivas Supermarkets in Donholm and its environs? Quick mart should have snapped this one!


Malls not their locations of choice.


Soon they will embrace them.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
kmucheke
#50 Posted : Wednesday, December 08, 2021 10:24:44 PM
Rank: Member


Joined: 3/16/2019
Posts: 308
Ericsson wrote:
Ericsson wrote:
heri wrote:
Ericsson wrote:
[quote=heri]Did they get an anchor tenant at Greenspan?


Not yet before Christmas we shall know


Any news on this Sir?


They are yet to get a replacement for Tuskys as Anchor ⚓ tenant.


Naivas to become anchor tenant at Greenspan mall.

https://www.businessdail...in-donholm-mall-3405302[/quote]

Tuskys bars Naivas from taking over Greenspan space

kmucheke
#51 Posted : Friday, February 18, 2022 3:16:18 PM
Rank: Member


Joined: 3/16/2019
Posts: 308
Property fund Fahari issues earnings alert on Covid hit

Property fund Ilam Fahari I-Reit has issued a profit warning for the year ended December, alerting investors of a potential cut in cash distribution in the review period.
watesh
#52 Posted : Monday, February 21, 2022 9:44:11 AM
Rank: Veteran


Joined: 8/10/2014
Posts: 907
Location: Kenya
Naivas finally launched its new branch at Greenspan mall as the new anchor tenant. Footfall traffic likely to increase in the mall and hopefully attract newer tenants....FY22 we may see a proper bounceback
kmucheke
#53 Posted : Thursday, April 07, 2022 11:01:48 AM
Rank: Member


Joined: 3/16/2019
Posts: 308
Interesting thread from @ephraimnjegafans on Twitter.

@ephraimnjegafans
WHY @CMAKenya NEEDS TO RETHINK I-REITS ENTIRELY
Perusing through the 2021 audited financials of ILAM Fahari I-REIT raises a lot of questions. Out of the KShs 298 million rental income, ICEA LION Asset Management Limited was paid KShs 70 Million as Asset Management Fees
THREAD 🧵
Cooperative Bank of Kenya was paid KShs 26 million as Trustee, Custodial and other administrative fees.
Thus ICEA Lion Asset Management and Cooperative Bank earned a combined KShs 96 Million or 32% of the rental income.
2/8
This is more than the KShs 90 Million paid to the unit holders as the distribution for the year.
What exactly does ICEA do to warrant being paid KShs 70 Million? The total assets for the REIT amount to KShs 3.7 Billion.
3/8
Out of this property constitutes KShs 3.3 Billion. Investment securities amount to KShs 247 Million. Interest income was KShs 22 Million. If these investment securities are the assets managed by ICEA does it make sense to be paid KShs 70 Million to generate KShs 22 Million?
4/8
As if this is not enough, Knight Frank Kenya Limited a company associated with ICEA was paid KShs 14 Million as property management fees.
5/8
How does the REIT which controls KShs 3.7 Billion worth of assets only yield KShs 102 Million as distributable earnings? Does this make economic sense?
6/8
@CMAKenya needs to rethink this whole issue of I-REIT. There are just too many entities involved earning money without any clear value addition.
7/8
This idea would make sense if the only party involved is the property management company which should be paid a commission from the rent collected.
8/8
McGill
#54 Posted : Thursday, April 07, 2022 12:32:06 PM
Rank: New-farer


Joined: 8/1/2019
Posts: 65
kmucheke wrote:
Interesting thread from @ephraimnjegafans on Twitter.

@ephraimnjegafans
WHY @CMAKenya NEEDS TO RETHINK I-REITS ENTIRELY
Perusing through the 2021 audited financials of ILAM Fahari I-REIT raises a lot of questions. Out of the KShs 298 million rental income, ICEA LION Asset Management Limited was paid KShs 70 Million as Asset Management Fees
THREAD 🧵
Cooperative Bank of Kenya was paid KShs 26 million as Trustee, Custodial and other administrative fees.
Thus ICEA Lion Asset Management and Cooperative Bank earned a combined KShs 96 Million or 32% of the rental income.
2/8
This is more than the KShs 90 Million paid to the unit holders as the distribution for the year.
What exactly does ICEA do to warrant being paid KShs 70 Million? The total assets for the REIT amount to KShs 3.7 Billion.
3/8
Out of this property constitutes KShs 3.3 Billion. Investment securities amount to KShs 247 Million. Interest income was KShs 22 Million. If these investment securities are the assets managed by ICEA does it make sense to be paid KShs 70 Million to generate KShs 22 Million?
4/8
As if this is not enough, Knight Frank Kenya Limited a company associated with ICEA was paid KShs 14 Million as property management fees.
5/8
How does the REIT which controls KShs 3.7 Billion worth of assets only yield KShs 102 Million as distributable earnings? Does this make economic sense?
6/8
@CMAKenya needs to rethink this whole issue of I-REIT. There are just too many entities involved earning money without any clear value addition.
7/8
This idea would make sense if the only party involved is the property management company which should be paid a commission from the rent collected.
8/8


Very interesting.
My 2 cents
#55 Posted : Thursday, April 07, 2022 8:08:47 PM
Rank: Member


Joined: 6/2/2010
Posts: 822
McGill wrote:
kmucheke wrote:
Interesting thread from @ephraimnjegafans on Twitter.

@ephraimnjegafans
WHY @CMAKenya NEEDS TO RETHINK I-REITS ENTIRELY
Perusing through the 2021 audited financials of ILAM Fahari I-REIT raises a lot of questions. Out of the KShs 298 million rental income, ICEA LION Asset Management Limited was paid KShs 70 Million as Asset Management Fees
THREAD 🧵
Cooperative Bank of Kenya was paid KShs 26 million as Trustee, Custodial and other administrative fees.
Thus ICEA Lion Asset Management and Cooperative Bank earned a combined KShs 96 Million or 32% of the rental income.
2/8
This is more than the KShs 90 Million paid to the unit holders as the distribution for the year.
What exactly does ICEA do to warrant being paid KShs 70 Million? The total assets for the REIT amount to KShs 3.7 Billion.
3/8
Out of this property constitutes KShs 3.3 Billion. Investment securities amount to KShs 247 Million. Interest income was KShs 22 Million. If these investment securities are the assets managed by ICEA does it make sense to be paid KShs 70 Million to generate KShs 22 Million?
4/8
As if this is not enough, Knight Frank Kenya Limited a company associated with ICEA was paid KShs 14 Million as property management fees.
5/8
How does the REIT which controls KShs 3.7 Billion worth of assets only yield KShs 102 Million as distributable earnings? Does this make economic sense?
6/8
@CMAKenya needs to rethink this whole issue of I-REIT. There are just too many entities involved earning money without any clear value addition.
7/8
This idea would make sense if the only party involved is the property management company which should be paid a commission from the rent collected.
8/8


Very interesting.


Indeed. I did the math and it did not make any sense for me. Also the Acorn yields were not interesting AT ALL. I remember wondering what would entice a financially literate investor from getting into our existing REITs.
My 2 cents
#56 Posted : Thursday, April 07, 2022 8:10:20 PM
Rank: Member


Joined: 6/2/2010
Posts: 822
McGill wrote:
kmucheke wrote:
Interesting thread from @ephraimnjegafans on Twitter.

@ephraimnjegafans
WHY @CMAKenya NEEDS TO RETHINK I-REITS ENTIRELY
Perusing through the 2021 audited financials of ILAM Fahari I-REIT raises a lot of questions. Out of the KShs 298 million rental income, ICEA LION Asset Management Limited was paid KShs 70 Million as Asset Management Fees
THREAD 🧵
Cooperative Bank of Kenya was paid KShs 26 million as Trustee, Custodial and other administrative fees.
Thus ICEA Lion Asset Management and Cooperative Bank earned a combined KShs 96 Million or 32% of the rental income.
2/8
This is more than the KShs 90 Million paid to the unit holders as the distribution for the year.
What exactly does ICEA do to warrant being paid KShs 70 Million? The total assets for the REIT amount to KShs 3.7 Billion.
3/8
Out of this property constitutes KShs 3.3 Billion. Investment securities amount to KShs 247 Million. Interest income was KShs 22 Million. If these investment securities are the assets managed by ICEA does it make sense to be paid KShs 70 Million to generate KShs 22 Million?
4/8
As if this is not enough, Knight Frank Kenya Limited a company associated with ICEA was paid KShs 14 Million as property management fees.
5/8
How does the REIT which controls KShs 3.7 Billion worth of assets only yield KShs 102 Million as distributable earnings? Does this make economic sense?
6/8
@CMAKenya needs to rethink this whole issue of I-REIT. There are just too many entities involved earning money without any clear value addition.
7/8
This idea would make sense if the only party involved is the property management company which should be paid a commission from the rent collected.
8/8


Very interesting.


Indeed. I did the math and it did not make any sense to me. The Acorn reit yields were also not interesting AT ALL. I remember wondering what would entice a financially literate investor from getting into the existing REITs.
wukan
#57 Posted : Thursday, April 07, 2022 9:20:52 PM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,519
My 2 cents wrote:
McGill wrote:
kmucheke wrote:
Interesting thread from @ephraimnjegafans on Twitter.

@ephraimnjegafans
WHY @CMAKenya NEEDS TO RETHINK I-REITS ENTIRELY
Perusing through the 2021 audited financials of ILAM Fahari I-REIT raises a lot of questions. Out of the KShs 298 million rental income, ICEA LION Asset Management Limited was paid KShs 70 Million as Asset Management Fees
THREAD 🧵
Cooperative Bank of Kenya was paid KShs 26 million as Trustee, Custodial and other administrative fees.
Thus ICEA Lion Asset Management and Cooperative Bank earned a combined KShs 96 Million or 32% of the rental income.
2/8
This is more than the KShs 90 Million paid to the unit holders as the distribution for the year.
What exactly does ICEA do to warrant being paid KShs 70 Million? The total assets for the REIT amount to KShs 3.7 Billion.
3/8
Out of this property constitutes KShs 3.3 Billion. Investment securities amount to KShs 247 Million. Interest income was KShs 22 Million. If these investment securities are the assets managed by ICEA does it make sense to be paid KShs 70 Million to generate KShs 22 Million?
4/8
As if this is not enough, Knight Frank Kenya Limited a company associated with ICEA was paid KShs 14 Million as property management fees.
5/8
How does the REIT which controls KShs 3.7 Billion worth of assets only yield KShs 102 Million as distributable earnings? Does this make economic sense?
6/8
@CMAKenya needs to rethink this whole issue of I-REIT. There are just too many entities involved earning money without any clear value addition.
7/8
This idea would make sense if the only party involved is the property management company which should be paid a commission from the rent collected.
8/8


Very interesting.


Indeed. I did the math and it did not make any sense to me. The Acorn reit yields were also not interesting AT ALL. I remember wondering what would entice a financially literate investor from getting into the existing REITs.


This one is fire. Got in at ABP of 5.22 exit at 6.54. capital gains of 25% and a yield of 11% last year. Investing is not complicated. Strike your own bargain stop being jealous of what others are making.
Ericsson
#58 Posted : Monday, April 11, 2022 12:38:00 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,306
Location: NAIROBI
https://www.businessdail...n-property-fund-3778020

They may look at acquiring significant stake and delisting it
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
kmucheke
#59 Posted : Monday, April 11, 2022 9:25:28 AM
Rank: Member


Joined: 3/16/2019
Posts: 308
Mastermind wrote:
Ericsson wrote:
Ericsson wrote:
heri wrote:
Ericsson wrote:
[quote=heri]Did they get an anchor tenant at Greenspan?


Not yet before Christmas we shall know


Any news on this Sir?


They are yet to get a replacement for Tuskys as Anchor ⚓ tenant.


Naivas to become anchor tenant at Greenspan mall.

https://www.businessdail...in-donholm-mall-3405302[/quote]

How many Naivas Supermarkets in Donholm and its environs? Quick mart should have snapped this one!

Naivas signs 10-year Greenspan Mall lease after Tuskys eviction
kmucheke
#60 Posted : Monday, April 11, 2022 9:28:23 AM
Rank: Member


Joined: 3/16/2019
Posts: 308
Ericsson wrote:
https://www.businessdailyafrica.com/bd/markets/market-news/icea-lion-buys-sh32m-stake-in-property-fund-3778020

They may look at acquiring significant stake and delisting it


Looks very probable.
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