Stanlib transfers REIT to ICEA lion asset managers
Stanlib Kenya Limited has informed the Co-operative bank of Kenya limited of its intention to transfer its REIT to ICEA lion asset management.
The terms of the agreement state that Stanlib shall sell to ICEA lion asset management certain assets, which form a substantial part of the assets of its business of managing funds, assets and investments of third parties in Kenya.
A statement issued by Stanlib states that ICEA lion management will not assume any of the debts or liabilities of Stanlib Kenya limited in connection with or related to that business.
The assets being acquired include Stanlib’s investment management mandates and all rights and obligations and benefits of Stanlib in terms of or in connection with Stanlib’s role as promoter and REIT manager in relation to the REIT as set out in the REIT management agreement dated 1st October 2015 and the trust deed of the REIT dated 30th September 2015.
The implementation of the agreement is subject to the fulfillment, by no later than 29th February 2020, of a number of conditions precedent set out in agreement which include but are not limited to, the approval of the Competition Authority of Kenya, the Capital Markets Authority and the Trustee.