NAIROBI, Kenya, Aug 25 – The Capital Markets Authority (CMA) has admitted Acorn Investment Management Limited to the regulatory sandbox for one year.
The licensed Real Estate Investment Trust (REIT) manager has been admitted to the sandbox on account of its investment platform called ‘Vuka’, which aggregates retail investors into asset-backed financial products such as real estate through a regulated and transparent structure.
According to CMA, Vuka is a cross-over from other real estate platforms, whose value proposition is enabling the public to accumulate wealth and achieve financial freedom.
CMA Chief Executive Wyckliffe Shamiah said the Authority is aware of Acorn’s commitment to support capital markets development and growth.
“The innovation further supports Kenya’s Big 4 agenda on affordable housing. We are hopeful of a successful testing and eventual roll out of the innovation to the mass market”.
The innovation will target qualified retail investors such as investment clubs (chamas), saccos and other medium-to-long term retail investors.
Acorn Investment Management Limited (AIML) is a wholly-owned subsidiary of Acorn Holdings Limited (AHL).
It is currently the REIT Manager for Acorn Student Accommodation Development REIT (Acorn D-REIT) and the Acorn Student Accommodation Income REIT (Acorn I-REIT) quoted on the Unquoted Securities Platform of the Nairobi Securities Exchange.
