Stanlib Kenya has poached an executive from realtor Lloyd Masika to head its real-estate investment trust that is listed on the Nairobi bourse.
Kenneth Masika will be chief executive of the Stanlib Fahari I-REIT, succeeding Anton Borkum who stepped down due to ill health.
The Standard Bank-backed firm is banking on Mr Masika’s nearly two decades of experience in the real-estate industry, where he has been serving as a director at Lloyd Masika, to steer Kenya’s inaugural listed property unit.
“He brings with him a wealth of property industry knowledge and expertise, which will be crucial in delivering growth and profitability to meet and exceed investor expectations,” said Claire Mwangi, Stanlib Kenya chair.
Fahari’s income earning real estate portfolio listed on the Nairobi Securities Exchange in November 2015, raising Sh3.6 billion against a target of Sh12.5 billion.
It has so far acquired three properties, namely Greenspan Mall, Bay Holdings and Highway House; with a property portfolio value of Sh2.4 billion.
Fahari reported half-year earnings of 23.19 cents per unit and a profit of Sh53 million.
“My focus will be to grow the portfolio within the REIT, in an efficient, cost effective manner that maximises both unit-holder value and returns,” said Mr Masika, who took office on November 1.
The incoming Fahari CEO is a scion of David Masika, the co-founding partner and chairman of Lloyd Masika.
He joined the family-owned firm in 1998 as a trainee valuer and rose to be a director in 2009. Mr Masika holds a bachelor’s degree in land management from the University of Reading, UK.
At Lloyd Masika, he undertook assignments on urban, rural valuations and estate agency, valuation of land, buildings, furniture fittings, equipment, plant and machinery.
He is a full member of the Institution of Surveyors of Kenya and a licensed and registered valuer by the Valuers Registration Board of Kenya.
The Fahari unit closed Thursday’s trading at Sh14.15 per unit and has lost 35.68 per cent since the beginning of the year.