Britam Asset Managers will increase investment vehicles where the returns are earned in US dollars.
This will allow individual and institutional investors to diversify their investments and enhance overall returns. The firm recently added a new floor to its flagship commercial Lang’ata House building at a cost of Sh43.3 million.
Acquired three years ago, the property was structured to provide USD-denominated returns and became the first unitised property investments in Kenya Speaking during a ceremony to commission the new floor at Lang’ata House, the Group Managing Director of Britam Holdings, Benson Wairegi said the additional floor is one of the value addition initiatives meant to enhance returns to investors and grow the value of the investment.
“We are working on a pipeline to deliver similar investments that are dollar-denominated to shield investors from currency fluctuations. As a group, property remains an area of key focus as we diversify our portfolio to reduce risk and innovatively meet customer needs,” Wairegi added.
Other initiatives include restructuring of leases, improved efficiency in property management and optimal property asset management. Lang’ata House, which sits in Wilson Airport and also has hangar space, was acquired at a cost of Sh468 million by Britam Asset Managers.
The additional floor is expected to generate annual yields of about 11 per cent to investors, up from the current nine per cent. The value of the building currently stands at Sh550 million and is expected to jump to Sh600 million with the new floor.
