A plan by UK property investment company St Paul’s Property Trust to list on the Nairobi exchange is attracting keen attention, and could lead to other companies following suit.
Nairobi Stock Exchange’s chief executive, Geoffrey Odundo, expects St Paul’s to achieve its fundraising target as local companies look for foreign exposure as the Kenyan shilling depreciates. He estimates around Ks1trn in funds could be available to St Paul’s.
St Paul’s is looking to raise around Ks8bn. It will use the money to purchase government or government-linked properties in the UK.
