The UPDC REIT is a close-ended trust, authorized and registered with the Securities and Exchange Commission as a collective investment scheme. The REIT will invest a minimum of 75% in pre-identified real estate properties; a maximum of 25% may be invested in real estate related assets with no more than 10% held in liquid assets. At least 90% of the REIT’s income will be distributed to unit-holders. The REIT will be listed on the main board of The Nigerian Stock Exchange and its units will be traded, thereby providing liquidity for unit-holders.
3 billion units of the UPDC REIT are now being offered at the par value of N10 per unit, with a minimum investment of 10,000 units (i.e. N100,000). As the Sponsor, UPDC will be retaining a 40% interest in the REIT, so only 1.8 billion units are available for investment by the public. Stanbic IBTC Bank PLC (“Stanbic IBTC”) is acting as Lead Issuing House to the Offer, which opened on, Tuesday, 19 February 2013 and is scheduled to close on Thursday, 28 March 2013. The Prospectus and Abridged Prospectus can be downloaded at UPDC REIT.
Contact Stanbic IBTC Capital representatives by telephone on 01-422 8134/0706 418 6633 (Folajuwon) or 01-422 8121/0803 301 1896 (Oyinda) if you require any additional information or clarification.
Fore information, read about this offering on UPDC's website
Deadline to apply is 28 March 2013
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