A lantern-lit lodge veranda with a leather armchair, looking out over bush at dusk Concept image

One fund. Two exchanges.

Safari and hospitality property is held in regulated, listed REITs on two African exchanges. Experienced operators run the lodges, and a separate booking platform turns travel into conservation income.

01 — Structure

Two listed REITs, one platform outside them

Nairobi Securities Exchange · Kenya

Development REIT, then Income REIT

A Development REIT builds and repositions assets. Once an asset proves its income, it transfers to an Income REIT, so investors in the Income REIT hold assets with an established income record.

Kenyan REITs are tax-transparent at fund level.

Victoria Falls Stock Exchange · USD

The Namibia × Zimbabwe safari lodges

Holds the Namibia × Zimbabwe safari lodges in US dollars. 100% foreign ownership is permitted, there is no capital gains tax, and withholding tax for non-residents is reduced.

One fund, two exchanges Investors hold units in two listed REITs. On the Nairobi Securities Exchange, a Development REIT builds and repositions assets, and an asset transfers to an Income REIT once it proves its income. On the Victoria Falls Stock Exchange, a US dollar REIT holds the Namibia and Zimbabwe safari lodges. Experienced hotel operators run the lodges under management agreements. The booking platform is a separate company that sits outside both REITs. Investors Nairobi Securities Exchange · Kenya Development REIT builds & repositions Income REIT holds proven assets asset transfers once it proves its income Tax-transparent at fund level Victoria Falls Stock Exchange · USD Safari REIT Namibia × Zimbabwe safari lodges held in US dollars 100% foreign ownership permitted No capital gains tax Reduced withholding tax for non-residents Lodges run by experienced hotel operators under management agreements Booking platform: a separate company, outside both REITs One fund, two exchanges Investors hold units in two listed REITs. On the Nairobi Securities Exchange, a Development REIT builds and repositions assets, and an asset transfers to an Income REIT once it proves its income. On the Victoria Falls Stock Exchange, a US dollar REIT holds the Namibia and Zimbabwe safari lodges. Experienced hotel operators run the lodges under management agreements. The booking platform is a separate company that sits outside both REITs. Investors Nairobi Securities Exchange Kenya Development REIT builds & repositions transfers once it proves its income Income REIT holds proven assets Tax-transparent at fund level Victoria Falls Stock Exchange US dollars Safari REIT Namibia × Zimbabwe lodges held in US dollars 100% foreign ownership permitted No capital gains tax Reduced withholding tax, non-residents Lodges run by experienced hotel operators under management agreements Booking platform: a separate company, outside both REITs

Lodges are operated by experienced hotel operators under management agreements; the booking platform sits outside the REITs.

Structure subject to regulatory approval.

02 — Roles

Who does what

The REITs

Own the property

Lodges and hotels are held in regulated, listed real estate investment trusts. A REIT may hold only property, so nothing else sits inside them.

The operators

Run the lodges

Experienced hotel operators run each lodge under a management agreement, to an institutional standard.

The platform

Fills the rooms

The booking platform is a separate company that sits outside both REITs. It turns everyday travel into conservation funding and future safari stays.

The conservancies

Protect the wild

Community conservancies receive a share of every booking and a levy from every lodge, from the first booking onwards.

03 — The Platform

Travel that fills the lodges and funds the wild

The booking platform, Book Your Bucket List, lets members book everyday travel worldwide and earn points on every booking. Save-to-Safari turns those points and a monthly saving into a safari, with a match from the lodge.

The lodges gain direct, lower-cost room nights. The conservancies gain income from the first booking, not from the platform's eventual profits.

See the flywheel
A thatched safari lodge with a pool at sunset, with a breeding herd of elephants grazing past
Concept image A safari lodge at dusk
The Nexcelia flywheel A cycle of six steps: WildVeld TV films, then Book Your Bucket List, then Earn & save, then Stay at a Nexcelia lodge, then Rent & conservation levy, then Wildlife protected, which returns to the films. Travel that funds the wild 01 WildVeld TV films 02 Book Your Bucket List 03 Earn & save 04 Stay at a Nexcelia lodge 05 Rent & conservation levy 06 Wildlife protected
  1. WildVeld TV films
  2. Book Your Bucket List
  3. Earn & save
  4. Stay at a Nexcelia lodge
  5. Rent & conservation levy
  6. Wildlife protected
  7. Back to the films
04 — Governance

Built to institutional standards

  • An independent, licensed REIT manager and independent valuations.
  • The platform deals with the REITs at arm’s length.
  • Loyalty points are a loyalty currency, not e-money.
  • Save-to-Safari savings are designed to be held by a licensed partner bank, never on the platform’s balance sheet.

Structures described are subject to regulatory approval. Any offer will be made only through a prospectus or information memorandum approved by the relevant regulator.

Institutional-Grade Access to Africa's Most Compelling Asset Class

Nexcelia works with a limited number of institutional partners, family offices, and qualified investors. To learn more, we welcome your enquiry.