BQ Reporter 
ICEA Lion Asset Management Limited has bought five million shares valued at kes 32.5 million in property investment fund Ilam Fahari I-Reit making it the eighth largest shareholder of the Reit with a 2.76 % stake.
The asset manager bought the shares on the Nairobi Securities Exchange(NSE) reflecting prevailing market prices.
ILAM Fahari I-REIT posted a Sh124 million loss for the year ended December 2021 attributting to the revaluation losses and increased vacancy at its Greenspan mall.The performance was a huge drop from the Sh148 million profit posted in 2020.
The property fund allocated the devaluation to increased vacancy at Greenspan Mall resulted from Naivas, the new anchor tenant, taking up a smaller space; 37 per cent of the Gross Lettable Area (GLA) compared to that previously occupied by Tuskys.
Ilam Fahari I-Reit had a net asset value per unit/share of Sh19.58 in the year ended December, indicating it was trading at a discount of 66.8 percent.
However, ICEA Lion expressed hope in the property fund saying it could be restructured in the near future.“Unitholders of the I-Reit and the investing public are advised that the I-Reit Manager has undertaken a strategic review of the I-Reit, with the Trustee’s consent which, if approved and implemented, may involve a restructuring of the I-Reit,” the trustees of the property fund said in a notice.
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