ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
9. Status of the fund and redemption of units
Edition: 2023-10-06 · In force
9. Status of the fund and redemption of units
(1)A D-REIT may be structured as an open ended or a closed ended fund and may be converted from one status to the other in accordance with regulation 86.(2)An I-REIT which is the subject of an unrestricted offer may only be structured as a closed ended fund and the REIT securities of an unrestricted I-REIT shall be listed.(3)An I-REIT which is the subject of a restricted offer may be structured as either an open ended or a closed ended fund and may be converted from one status to the other in accordance with regulation 86.(4)An I-REIT which is the subject of a restricted offer may, subject to these Regulations,be converted to a closed fund and may be converted to an unrestricted offer.(5)Where a REIT is structured as an open ended fund, the scheme documents shall set out the entitlement of the holders of the REIT securities to require the trustee to redeem the REIT securities, including the procedure and limits on the holder being able to seek redemption and the method of valuation and pricing of issues and redemptions.(6)Nothing in these Regulations shall be construed to restrict the trustee from offering to acquire units from holders of a D-REIT or an I-REIT on a voluntary basis or from issuing additional units from time to time in accordance with these Regulations.