Two Rivers International Finance & Innovation Centre (TRIFIC) SEZ Secures $47.5mn funding
Two Rivers International Finance & Innovation Centre (TRIFIC), the only services-focused Special Economic Zone (SEZ) in Kenya, has announced that it has secured an investment of Kes.6 billion (US$47.5 million) from Vantage Capital, an African mezzanine finance investor.
This investment will be utilized by TRIFIC SEZ to acquire and fit out its first office tower, the TRIFIC North Tower, a 14,975 square metre property in the Two Rivers precinct located in the Gigiri area of Nairobi County in Kenya. Additionally, TRIFIC SEZ will develop a new office tower of 76,800 square metres of leasable space to host additional SEZ enterprises.
TRIFIC SEZ aims to create an integrated business environment offering world-class infrastructure, advanced technology, and a robust regulatory framework. It is designed to provide businesses with a competitive edge on a global scale leveraging Kenya’s SEZ framework.
Already, TRIFIC SEZ has secured bookings for the TRIFIC North Tower from fourteen (14) different SEZ enterprises and has a pipeline of additional SEZ enterprises looking to come into its zone, necessitating the development of additional office towers. Of the SEZ enterprises that have already booked space within the TRIFIC SEZ, it is estimated that there will be 10,000 jobs created and attract foreign direct investment into the country of US$65 million. It is forecasted that this will facilitate the export of services worth US$390 million annually. These SEZ enterprises are spread across different sectors including business processing outsourcing firms (BPOs), shared services centres, regional headquarters, and investment holding corporations.
A key attraction for SEZ enterprises coming into the TRIFIC SEZ is the direct access to the wider Two Rivers ecosystem, which includes residential developments, dining and lifestyle options, retail offerings, and entertainment venues, all curated to enhance the work environment for businesses and their employees.
TRIFIC SEZ Chief Executive Officer Brenda Mbathi said, “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. TRIFIC SEZ was only licensed late last year but we have been able to make great strides in attracting SEZ enterprises into our zone.”
Warren van der Merwe, Managing Partner at Vantage Capital, said, “We are proud to partner with Centum on this remarkable project which will generate hundreds of jobs and attract much-needed foreign direct investment to Kenya.”
Roshal Ramdenee, Associate Partner at Vantage Capital, added, “We are excited to partner with Centum on the development of the TRIFIC SEZ. From our interactions with the Centum team, we have been impressed by their deep real estate expertise and commitment to attracting businesses to Kenya by effectively marketing its favourable operating environment. We are confident that TRIFIC SEZ will play a key role in enhancing Kenya’s competitiveness as a premier investment destination on the continent.”
TRIFIC SEZ is a subsidiary of the Nairobi Securities Exchange (NSE) listed Centum Investment Company Plc. “We are very pleased to have created an opportunity that has been able to attract KES6 billion in foreign direct investment (FDI) and goes to show that Kenya continues to be an attractive investment destination for foreign investors. The various mechanisms instituted by the Government such as the regime for Special Economic Zones in the country shows that Kenya continues to make great strides in ensuring we remain globally competitive,” said Centum’s Chief Executive Officer Dr. James Mworia.
TRIFIC SEZ was represented in the transaction by Anjarwalla & Khanna Advocates, a member firm of the Africa Legal Network (ALN).
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