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 Employees Real Estate Investment Trust


Introduction and Background

The Employees' Real Estate Investment Trust (EREIT) was set up in the year 2005 by the Government of Mauritius with the aim to democratise land ownership by giving citizens of Mauritius a direct stake in the productive resources of the Mauritian economy. The initial Unitholders were all employees, as defined under the National Savings Fund Act, as at 30 June 2004.

EREIT was created under the Unit Trust Act 1989 with an initial fund of Rs 350M ('the Fund') transferred from the Employees' Welfare Fund pursuant to section 10A (3) of the Employees' Welfare Fund Act 1995. EREIT is using  the Fund to acquire and to invest in a wide portfolio of land development and, in the long-run, produce sustainable growth in the Net Asset Value (NAV) of  the Trust.

The Trust has already acquired an initial land bank of 500 Arpents, situated at Highlands, Rose Belle, Riviere du Rempart and Trou D'Eau Douce.

The objects of the Trust are as follows:-

(i) To directly or through such body controlled by it, purchase, lease or otherwise acquire land, manage, develop and sell, transfer or otherwise dispose of land.

(ii) To do such things as are incidental thereto and connected therewith, for the promotion of the welfare and benefit of Employees.

The Trust may from time to time invest in Authorised Investments, which are:

 (i) any interests of any nature in immovable property;

(ii) any interest in any Corporation, Societe, Trust or other entity holding any interest of any nature in immovable property, bank deposits and treasury bills;

(iii) any right to acquire or take up any of the above; and

(iv) such other investment as may be permitted under the Employees' Welfare Fund Act.

The State Insurance Company of Mauritius Ltd (SICOM) is the Trustee of the Trust under terms and conditions contained in the Trust Deed whilst EREIT Management Ltd, a wholly owned subsidiary of The State Investment Corporation Ltd, is acting as the Manager. 


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