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Fusion Real Estate Development REIT
Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Find offering memorandum at wazua@googlegroups.com or HERE - FRED Commercial Offer MemorandumPesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:THE PROMOTER
CONTACT INFORMATION FOR THE PROMOTER
Fusion Capital Limited,
ACK Garden House, Block A, 1st Ngong Avenue
P.O. Box 47538 - 00100 Nairobi,
Tel: +254 (020) 2710149/53/55 Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:DIRECTORS OF THE PROMOTER
Dr. Philip Goodwin - Executive Chairman, British
Luke Kinoti - Chief Executive, Kenyan
Susan Kagundu - Executive Director, Finance. Kenyan
Daniel Kamau - Executive Director, Real Estate. Kenyan
Constantine Malai; Non- Executive Director, Kenyan
Dr. James Mageria; Non- Executive Director, Kenyan
Kimathi Kamencu: Non- Executive Director, Kenyan
Nelly Mbugua: Non- Executive Director, Kenyan
Company Secretary - Livingstone Associates of P.O. Box 30029 - 00100, Nairobi Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:THE REIT MANAGER
CONTACT INFORMATION FOR THE REIT MANAGER
Fusion Investment Management Limited
ACK Garden House, Block A, 1st Ngong Avenue
P.O. Box 47538 - 00100 Nairobi,
Tel: +254 (020) 2738460
DIRECTORS OF THE REIT MANAGER
John G. Msafari Chairman, Non-Executive
Kenyan
Dr. Philip Goodwin Executive Director British
Luke Kinoti Chief Executive Kenyan
Gladys Mboya Non-Executive
Director Kenyan
Charles Mbui Non-Executive Director, Kenyan
Company Secretary - Maonga Ndonye Associates of P.O. Box 73248 - 00100, Nairobi
Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:Lead Transaction Advisor - NIC Capital Limited
Legal Advisor - Mboya Wangong’u & Waiyaki Advocates
Reporting Accountant - Deloitte & Touche
Registrar - CDSC Registrars Limited
Structural Engineer - Multiscope Consulting Engineers Limited
Property Valuer - Ngotho Property Consultants Limited
Project Manager Certifier - Beeque Consultants Limited
Property Manager - Citiscape Valuers & Estate Agents Limited
Tax Consultant - Deloitte & Touche
Asset (SPV) Valuer - Burbridge Capital Limited
Lead Sponsoring Broker - African Alliance Kenya Investment Bank Limited
Receiving Bank - NIC Bank Kenya Pesa Nane plans to be shilingi when he grows up.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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Pesa Nane wrote:Quote:
Tac Consultant - Deloitte & Touche
What is that? Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:The Offer
The REIT offers for subscription 100,000,000 units at a subscription price of KES 23.00 per unit. The Scheme will initially encompass Greenwood City - a mixed use development featuring a state of the art shopping mall, a modern office block and high-end two and three-bedroom apartments located in Meru, Kenya and which is further
described in Section 18. The Trust will be a closed ended fund. Furthermore the Trust, with existing Unit Holders’ approval, can issue additional units for further funding of the REIT’s activities. This would be to both existing and new investors. Such offer could result in dilution of existing Unit Holders who do not wish to exercise their right to acquire additional units. Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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 Pesa Nane plans to be shilingi when he grows up.
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Rank: Member Joined: 3/3/2016 Posts: 132
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Minimum permissible investment of KShs. 5 million
I wonder why
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Rank: Member Joined: 3/3/2016 Posts: 132
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Ambitious! IRR of at least 20% p.a. Developer indeed
The REIT Manager shall invest in properties that meet the following criteria:
(a) Have expected returns on an IRR basis of at least 20% per annum on a gross basis (before fees); (b) Have individual project development cost of at least
KES 400 million;
(c) Fall in the Commercial Real Estate Developments
sector;
(d) Enhance sector and geographic diversication
within Kenya; or
(e) In the case of leasehold land, has at least 25 years left
on the lease
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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@Olimsoul Small fish like wewe hapana takikana.They want big and serious investors. Wewe ni kama liability on the books Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 3/3/2016 Posts: 132
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Ericsson wrote:@Olimsoul
Small fish like wewe hapana takikana.They want big and serious investors.
Wewe ni kama liability on the books Haha. That is perfectly clear. I shall stick to my lane.
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Rank: Member Joined: 3/3/2016 Posts: 132
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Must be nice. Sell your own property at a nice price to the fund, manage the fund and make money. Participate in any upside.
28.2 Fees, Costs and Expenses Payable by the Trustee
There will be running expenses and other costs associated
with FRED - COMMERCIAL going forward as outlined
below:
(a) Development fee payable to the Promoter being 2.00%
of the value of the Properties on completion and sale of the development, at the point of sale;
(b) Annual Asset management fee, payable to Fusion
Investment Management Limited as the REIT Manager
being 2.00% of the Net Asset Value of FRED - COMMERCIAL; and (c) Annual Trustee fees of 0.5% of the Net Asset Value Management of FRED - COMMERCIAl as dened
in the Trust Deed
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Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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Plimsoul wrote:Must be nice. Sell your own property at a nice price to the fund, manage the fund and make money. Participate in any upside.
28.2 Fees, Costs and Expenses Payable by the Trustee
There will be running expenses and other costs associated
with FRED - COMMERCIAL going forward as outlined
below:
(a) Development fee payable to the Promoter being 2.00%
of the value of the Properties on completion and sale of the development, at the point of sale;
(b) Annual Asset management fee, payable to Fusion
Investment Management Limited as the REIT Manager
being 2.00% of the Net Asset Value of FRED - COMMERCIAL; and (c) Annual Trustee fees of 0.5% of the Net Asset Value Management of FRED - COMMERCIAl as dened
in the Trust Deed Let me stick to KK, KenRe, etc... These funny chaps can wait until they decrease in value approaching zero. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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PRESS RELEASEQuote:KRA EXEMPTS FUSION CAPITAL D-REIT INVESTORS FROM PAYING INCOME TAX
July 11, 2016… Investors who will purchase the recently launched Fusion Capital D-REIT will not pay tax on their earnings.
According to the letter from Kenya Revenue Authority to Fusion Capital, Fusion Capital DREIT, which is the first development REIT in Kenya had been evaluated and given a tax exemption certificate.
Acknowledging KRA for the tax exemption approval, Luke Kinoti, Fusion Capital Group CEO, said: “Evidently, the exemption showcases the government’s willingness to champion the REIT model in this market, without a doubt the exemption will drive many investors to buy into the REIT.”
“Furthermore these attractive regulations will entice more investors to float REITS for different projects across the country thus enabling many Kenyans to own a slice of the lucrative real estate market,” he explained.
The tax exemption order by the tax man is the second in the market after the Stanlib IREIT and is in line with the Government’s policy of deepening the capital markets and enabling financial inclusion for a wider segment of the population.
Mr Kinoti also lauded key organs of Government including the National Treasury, Capital Markets Authority, Retirement Benefits Authority, Kenya Revenue Authority and market operator Nairobi Securities Exchange for their commitment to deepening the Capital Markets and financial inclusiveness.
The listing of the Sh2.3 billion Fusion Capital D-REIT offer which opened up two weeks ago with some 100 million units going on sale at Sh23 each is set for July 28, 2016. Cash raised through the offer will be used to develop Greenwood City, an upscale, high potential development in Meru, Meru County which comprises a shopping mall, an upscale office block and apartments.
A D-REIT is a tax-efficient, listed collective investment instrument that allows investors to pull capital to develop large scale real estate properties. Investors will benefit from capital appreciation during the construction period. The units in the REIT are traded on the NSE under the recently launched Restricted Main Investment Market segment.
Investors can realize gains through sale of units on the secondary market or REIT distributions following the sale of an asset. In the case of Greenwood City, the REIT will look to exit to a yield investor around Q4 2017.
The D-REIT is a closed-ended fund, which means investors can only exit through the secondary market at the NSE.
ENDS… Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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FUSION CAPITAL. Media ReleaseQuote:Fusion Capital D-REIT seeks to extend its selling window to accommodate more investors
…issue to be listed on 15th August, 2016
NAIROBI, July 16, 2016…
FRED Commercial has pushed the application deadline for the recently launched Fusion Capital D-REIT shares to July 26, 2016.
The extension, which has been approved by the Capital Markets Authority, will give more time to investors to invest in Africa’s first D-REIT.
While making the announcement, Fusion Capital Group CEO, Luke Kinoti said: “As the pioneers of the D-REIT model on the continent, investors have requested for some additional time to pool resources and prepare their applications accordingly. As a matter of fact, we have had several meetings to enable fund managers to dissect and fully comprehend this unique investment instrument”.
The Fusion Capital D-REIT, which was approved by the CMA on 29th February this year, is viewed as a medium to long term asset for investors as well as an appropriate vehicle for claiming a stake in the lucrative real estate sector.
The listing date for the Sh2.3 billion Fusion Capital D-REIT offer, which opened up three weeks ago with 100 million units going on sale at Sh23 will be on August 15, 2016. Cash raised through the offer will be used to develop Greenwood City, an upscale, high potential development in Meru County which comprises a shopping mall, an upscale office block and residential apartments.
The Fusion DREIT has further received approval from the Retirement Benefits Authority (RBA) for the REIT to be classified under category 5 of the Retirement Benefits Investment Guidelines. This is essentially the same asset class as ordinary and preference shares of companies quoted in Kenya, Uganda, Tanzania and collective schemes incorporated in Kenya. This opens up a great opportunity to pension funds to invest a bigger portion of their funds to this new asset class.
A D-REIT is a tax-efficient, listed collective investment instrument that allows investors to pull capital to develop large scale real estate properties. Investors will benefit from capital appreciation during the construction period. Fusion DREIT received KRA exemption, which means dividend and interest payable to FRED-Commercial is tax exempt. In case of unit trusts, withholding tax will be applicable on dividend and interest in respect of unit holders who are not tax exempt under any provisions of the income tax act.
The units in the REIT are traded on the NSE under the recently launched Restricted Main Investment Market segment. Investors can realize gains through sale of units on the secondary market or REIT distributions following the sale of an asset. Pesa Nane plans to be shilingi when he grows up.
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Rank: Veteran Joined: 8/16/2009 Posts: 994
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Pesa Nane wrote:FUSION CAPITAL. Media ReleaseQuote:Fusion Capital D-REIT seeks to extend its selling window to accommodate more investors
…issue to be listed on 15th August, 2016
NAIROBI, July 16, 2016…
FRED Commercial has pushed the application deadline for the recently launched Fusion Capital D-REIT shares to July 26, 2016.
The extension, which has been approved by the Capital Markets Authority, will give more time to investors to invest in Africa’s first D-REIT.
While making the announcement, Fusion Capital Group CEO, Luke Kinoti said: “As the pioneers of the D-REIT model on the continent, investors have requested for some additional time to pool resources and prepare their applications accordingly. As a matter of fact, we have had several meetings to enable fund managers to dissect and fully comprehend this unique investment instrument”.
The Fusion Capital D-REIT, which was approved by the CMA on 29th February this year, is viewed as a medium to long term asset for investors as well as an appropriate vehicle for claiming a stake in the lucrative real estate sector.
The listing date for the Sh2.3 billion Fusion Capital D-REIT offer, which opened up three weeks ago with 100 million units going on sale at Sh23 will be on August 15, 2016. Cash raised through the offer will be used to develop Greenwood City, an upscale, high potential development in Meru County which comprises a shopping mall, an upscale office block and residential apartments.
The Fusion DREIT has further received approval from the Retirement Benefits Authority (RBA) for the REIT to be classified under category 5 of the Retirement Benefits Investment Guidelines. This is essentially the same asset class as ordinary and preference shares of companies quoted in Kenya, Uganda, Tanzania and collective schemes incorporated in Kenya. This opens up a great opportunity to pension funds to invest a bigger portion of their funds to this new asset class.
A D-REIT is a tax-efficient, listed collective investment instrument that allows investors to pull capital to develop large scale real estate properties. Investors will benefit from capital appreciation during the construction period. Fusion DREIT received KRA exemption, which means dividend and interest payable to FRED-Commercial is tax exempt. In case of unit trusts, withholding tax will be applicable on dividend and interest in respect of unit holders who are not tax exempt under any provisions of the income tax act.
The units in the REIT are traded on the NSE under the recently launched Restricted Main Investment Market segment. Investors can realize gains through sale of units on the secondary market or REIT distributions following the sale of an asset. 5Million minimum - It turns out even fund managers need more time raising this😂 Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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Kwani it wont trade on NSE upon listing, Why the Kshs. 5m minimum for now? Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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Gatheuzi wrote:Pesa Nane wrote:FUSION CAPITAL. Media ReleaseQuote:Fusion Capital D-REIT seeks to extend its selling window to accommodate more investors
…issue to be listed on 15th August, 2016
NAIROBI, July 16, 2016…
FRED Commercial has pushed the application deadline for the recently launched Fusion Capital D-REIT shares to July 26, 2016.
The extension, which has been approved by the Capital Markets Authority, will give more time to investors to invest in Africa’s first D-REIT.
While making the announcement, Fusion Capital Group CEO, Luke Kinoti said: “As the pioneers of the D-REIT model on the continent, investors have requested for some additional time to pool resources and prepare their applications accordingly. As a matter of fact, we have had several meetings to enable fund managers to dissect and fully comprehend this unique investment instrument”.
The Fusion Capital D-REIT, which was approved by the CMA on 29th February this year, is viewed as a medium to long term asset for investors as well as an appropriate vehicle for claiming a stake in the lucrative real estate sector.
The listing date for the Sh2.3 billion Fusion Capital D-REIT offer, which opened up three weeks ago with 100 million units going on sale at Sh23 will be on August 15, 2016. Cash raised through the offer will be used to develop Greenwood City, an upscale, high potential development in Meru County which comprises a shopping mall, an upscale office block and residential apartments.
The Fusion DREIT has further received approval from the Retirement Benefits Authority (RBA) for the REIT to be classified under category 5 of the Retirement Benefits Investment Guidelines. This is essentially the same asset class as ordinary and preference shares of companies quoted in Kenya, Uganda, Tanzania and collective schemes incorporated in Kenya. This opens up a great opportunity to pension funds to invest a bigger portion of their funds to this new asset class.
A D-REIT is a tax-efficient, listed collective investment instrument that allows investors to pull capital to develop large scale real estate properties. Investors will benefit from capital appreciation during the construction period. Fusion DREIT received KRA exemption, which means dividend and interest payable to FRED-Commercial is tax exempt. In case of unit trusts, withholding tax will be applicable on dividend and interest in respect of unit holders who are not tax exempt under any provisions of the income tax act.
The units in the REIT are traded on the NSE under the recently launched Restricted Main Investment Market segment. Investors can realize gains through sale of units on the secondary market or REIT distributions following the sale of an asset. 5Million minimum - It turns out even fund managers need more time raising this😂 these greedy individuals. ill wait for the listing just like I did with Stanleit/fahari or something. Its now below the IPO price. Someone was ambitious with it hitting 40 soon after listing!!!!
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Rank: Elder Joined: 7/22/2008 Posts: 2,697
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A mtumba trader in Gikomba can teache these guys a thing or 2. There is no such thing as investors requesting more time. They are telling you something and if you do not listen you will be left there with your project.
Customer: Hii viatu ni pesa ngapi
Mtumba trader: Mia tano
Customer: Wacha niende kwa bank nitarudi
Mtumba trader: Customer ngoja kidogo tuongee.
Same scenario:
Customer: How much are these shares
Fusion Capital: 5 million
Customer: Give me more time to get more money
Fusion Capital: No problem. Go and get the money and I will be right here waiting for you.
A mtumba trader knows that once the customer leaves he is not coming back, he knows he needs to change something, either the price or he adds something to make the deal more enticing. This upmarket Fusion capital guys need to understand Kenyans otherwise they will be waiting till 2030 for Kenyans to find 5 million.
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