STANLIB Fahari I-REIT (IFC-36844)

Countries
  • Kenya
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 12, 2015
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
STANLIB Kenya Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 125.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 25, 2018

Disclosed by Bank Oct 26, 2015

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

This project finances an investment in STANLIB Fahari Property Income Fund Income Real Estate Investment Trust which will own and manage existing, income-generating real estate properties, in order to help fund Kenya’s real estate gaps.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The STANLIB Fahari Property Income Fund Income Real Estate Investment Trust Kenya (I-REIT) will be listed on the Nairobi Securities Exchange. STANLIB Kenya Limited has been fully operational since 1998 and currently has over US$1.4 billion-equivalent assets under management from pension funds, insurance companies and retail investors. STANLIB Kenya Limited is licensed by the Capital Markets Authority in Kenya, Tanzania and Uganda as well as registered with the Retirement Benefits Authority in Kenya to provide investment advisory and Fund Management Services. STANLIB Kenya Limited is 100% owned by Liberty Holdings Limited (South Africa), a leading asset manager in Africa which administers over $55 billion (as at 31 December 2014) of assets for over 400 000 retail and institutional clients and has a presence in ten African countries. STANLIB SA is a subsidiary of Liberty Holdings Limited (South Africa)

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

STANLIB Kenya Limited (“STANLIB Kenya”) has been fully operational since 1998 and currently has over US$1.4 billion-equivalent assets under management from pension funds, insurance companies and retail investors. STANLIB Kenya is licensed by the Capital Markets Authority in Kenya, Tanzania and Uganda as well as registered with the Retirement Benefits Authority in Kenya to provide investment advisory and Fund Management Services

STANLIB Kenya Limited is 100% owned by Liberty Holdings Limited (South Africa), a leading asset manager in Africa which administers over $55 billion (as at 31 December 2014) of assets for over 400 000 retail and institutional clients and has a presence in ten African countries. STANLIB SA is a subsidiary of Liberty Holdings Limited (South Africa)


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Anton Borkum
CEO STANLIB Fahari REIT
Liberty House, Nyerere Road
P.O. Box 30550 – 0100, Nairobi, Kenya
Mobile: +254 – 713 780 833
E-mail: mailto:anton.borkum@stanlib.com

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works