The management of the Skye Shelter Fund's Real Estate Investment Trust (REIT) has said that it would reward its Unit Holders with a total dividend of N10 in 2010.According to a statement by the bank, the real estate investment company said it will pay N7 dividend for the year ended December 2009 and another N3 interim dividend for this year.
The statement explained, “This brings the total dividend to be received by the unit holders to N10, which is a clear demonstration of the fund manager's confidence in its ability to deliver steady growth and consistent returns to investors.” It disclosed that the dividend to be paid by the fund managers is the second since its listing in February 2008. It said the dividend would be paid on August 31, 2010.
“The dividend represents a 50.54 per cent increase from the dividend paid for the year ended December 31, 2008. The distribution accounts for 80 per cent of the Fund’s Net Income in line with its minimum distribution requirement,” it added.“The _3 interim dividend would imply that the Fund has declared dividend for 3 years. The Fund manager expects the share to qualify for investment by Pension Fund Administrators (PFAs) with the declaration and payment of the third dividend.”The fund manager also disclosed its intention to veer into the hospitality sector by acquiring a 25 per cent stake in the construction of Protea Select Hotel, Alausa.