Nairobi, March 31 -- Property developer Acorn will pay shareholders Sh188 million in dividends after the profit from its student accommodation income real estate investment trust (I-Reit) rose by 30 percent to Sh504.9 million in the financial year ended December.

Acorn has recommended payment of a final payout of Sh0.5 per unit or a total of Sh132.26 million which adds to Sh0.27 per unit or Sh55.79 million interim distribution made in July last year.

The combined payout, which Acorn says is an equivalent of 98 percent of the total distributable income, is more than the Sh169 million paid in the prior year.

"The Reits exhibited strong growth despite the challenging environment, which speaks volumes to the rationale for investing in Reit...