Kenya’s first Income-Real Estate Investment Trust (I-Reit) issued by Stanlib Investments has raised under one-third of the targeted Ksh12.5 billion ($122.5 million) in what analysts attributed to competition from other instruments and poor grasp of the concept.

The Fahari I-Reit managed to raise Ksh3.6 billion ($35.5 million) through the offering, the company said in a notice. It termed the offer a success since it exceeded the minimum Ksh2.6 billion ($25.5 million) target.

“Following the closing date of receipt of applications and payment for units in the Stanlib Fahari I-Reit on Wednesday 18 November 2015, Stanlib Kenya limited (the issuer) is pleased to announce that the offer exceeded the success threshold of Ksh2.6 billion ($25.5 million) as it has received applications for units amounting to Ksh3,619,446,000 ($35.48 million),” said Stanlib in an advert.