Acorn Investment Management Limited (AIML), the company behind Qwetu student residences, posted a Ksh 457 million profit for the first half of 2025 a 32 percent jump compared to the same period last year. The growth was driven by higher rental income, stronger occupancy, and lower debt obligations across its student housing properties. The profit surge was supported by improved performance in both the Acorn Student Accommodation Income REIT (ASA I-REIT) and the Development REIT (ASA D-REIT). The ASA I-REIT’s net income climbed to Ksh 251 million, up from Ksh 164 million in the first half of 2024. This rise was attributed to increased property values, rent adjustments, and improved operating efficiency.
“Since their launch in 2021, the ASA REITs have consistently delivered value, despite fluctuations in the market,” said AIML Executive Director Mathew Maina. He added that the funds are on track to post even better results by year-end.
Acorn also reduced the debt tied to its ASA I-REIT from Ksh 2.5 billion to Ksh 1.9 billion in July 2025. That cut brought interest payments down to 11.1 percent, compared to 17 percent previously. The debt reduction is expected to further enhance the company’s profitability in the second half of the year.
Meanwhile, ASA D-REIT reported Ksh 205 million in net income, up from Ksh 181 million during the same stretch last year. The increase came after several key housing projects including Qejani at Hurlingham, Qwetu and Qejani at Kenyatta University, and Qejani at JKUAT were completed on schedule and are now fully operational.
The firm now has a 20,000-bed capacity in its portfolio and is eyeing further expansion. Acorn expects to add 2,100 beds with the upcoming completion of Qwetu and Qejani residences in Eldoret.
“In 2024, the D-REIT recorded a 13 percent total return and the I-REIT 7 percent. This year, we’re focused on optimizing debt, staying on schedule, and pushing occupancy higher,” said Maina.
Acorn’s latest financial results underscore the rising demand for purpose-built student housing in urban centers across Kenya. With new beds coming online and costs falling, the company is positioning itself to maintain its lead in the sector while reinforcing long-term investor confidence.
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