ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
55. Appointment of a REIT manager
Edition: 2023-10-06 · In force
55. Appointment of a REIT manager
(1)Every REIT manager shall be appointed by the trustee with the prior approval of the Authority.(2)The REIT manager shall—(a)be a company incorporated in Kenya;(b)have a minimum paid up capital of ten million shillings;(c)be independently audited; and(d)have key personnel with experience and skills to—(i)manage the scheme; and(ii)implement the objectives of the scheme and to enable it to undertake the role of and duties as REIT manager; or(e)demonstrate that it has access to and shall appoint from time to time, when required, persons having the required skills to enable it to implement the objectives of the scheme and to undertake the role of and duties as REIT manager;(3)A company shall not operate as a REIT manager of a real estate investment trust scheme or any real estate investment trust unless it is licensed by the Authority as a REIT manager under regulation 125.(4)Where a REIT manager is associated with the promoter, the board of directors of the REIT manager shall be comprised of at least two independent directors one of whom shall be appointed as the Chairperson.(5)Where a real estate trust investment scheme is, with the approval of the Authority, self-managed, the directors of the REIT manager shall be appointed by and may be removed by the trustee.(6)A REIT manager may, with the approval of the trustee, appoint a property manager and such other agents as it considers necessary and delegate its functions in relation to the investment to such appointees.(7)A REIT manager shall—(a)be responsible for the actions of any property manager; and(b)supervise the property manager to ensure that the property manager complies with the terms of scheme documents, the Act and these Regulations.