Centum Investment-owned Two Rivers International Finance and Innovation Centre (Trific) has bagged $47.5 million (Sh6.1 billion) funding from Africa-focused fund manager- Vintage Capital to expand workspace through construction of additional office towers and furnishing an already built one.
Trific, which acquired a Special Economic Zone (SEZ) status in June last year, said it will leverage the investment to construct a new office tower and furnish an earlier built one dubbed the Trific North Tower, which is a 14,975 square metre property adjacent to the mixed-use Two Rivers development within Nairobi’s Gigiri area.
Part of the funding will also be channelled towards the development of a new 76,800-square-metre office tower for lease to additional SEZ enterprises.
“We are very excited to have been able to attract such an investment into our business. It is a strong show of confidence in the great opportunity that lies in the ecosystem we have created in a short time,” stated Trific Chief Executive Officer Brenda Mbathi (left).
Trific sits on 64 acres or more than half of the Two Rivers development’s total area of 106 acres and has grade-A offices, residential, hospitality and social amenities.
The SEZ said it has already secured bookings for the Trific North Tower from 14 different enterprises, and that it has a pipeline of other additional firms that are looking to come into its zone thus necessitating the development of extra blocks.
“These SEZ enterprises are spread across different sectors, including business processing outsourcing firms, shared services centres, regional headquarters and investment holding corporations,” said Trific in a statement.
The firm says a key attraction for SEZ enterprises coming into its zone is the direct access to the wider Two Rivers ecosystem, which spans residential developments, dining and lifestyle options, retail offerings as well as entertainment venues.
Kenya has stepped creation of SEZs as part of plans to create jobs and facilitate export-oriented investments in a bid to spur economic growth by 2030.
Listed SEZ enterprises enjoy tax incentives such as full exemption from value-added tax (VAT), excise duty, import duty, and import declaration fee on imported goods as well as zero-rated VAT on local supplies.
The SEZ firms also enjoy a preferential corporate tax rate of 10 percent in the first 10 years, 15 percent in the next 10 years and 30 percent in the subsequent years, in addition to special infrastructure to attract firms that would set up in competing economies.
