SKYE Shelter Fund - OFFER for Subscription of 20m units@N100

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August 16, 2007/



The Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange recently gave their approvals for the N2bn Skye Shelter Fund, a Real Estate Investment Trust which is being promoted by Skye Bank Plc.


The fund is the first ever Real Estate Investment Trust Scheme on the Nigerian Capital Market that would be listed on the Daily Official List of the Nigerian Stock Exchange, and therefore freely tradable.


Skye Bank, the Fund Manager, has vast experience in the area of real estate development and financing, and is thus well placed to promote the Fund.



In line with SEC requirements, the Bank is required to take up 20% of the Offer and also underwrite to the tune of 35%, to ensure the success of the offer. The terms of the Offer are as summarized below:






ISSUING HOUSE:                                  Dominion Trust Ltd



TRUSTEES TO THE FUND:                 PHB Capital & Trust Limited



THE OFFER:                                           

20,000,000 Units of N100.00 each (being the 1st tranche of the N5billion Skye Shelter Fund


MODE OF OFFER:                          Offer for Subscription




SALE:                             1,000 Units and in multiples of 500 Units thereafter


OFFER PRICE:                                  N100.00 per Unit



OFFER SIZE:                                      N2, 000,000,000:00



PAYMENT TERMS:                          In full on application



OPENING DATE:                              23 July, 2007



CLOSING DATE:                              29 August, 2007





There are several advantages attached to an investment in the Skye Shelter Fund REIT, and these include the following:

* the fund will pay out 80% of all realized income annually

* easy exit window through the stock exchange – it will be listed on the main daily official list of the Exchange, unlike other unit trusts which are on the memorandum list

* capital gains on the floor of the exchange and on the underlying assets of the fund

* SSF’s real estate investments will be professionally managed by the Bank in conjunction with the firm of Ubosi Eleh & Co, Estate Surveyors and Valuers.


Please find a copy of the abridged prospectus for your perusal at



For further information, prospective investors can contact:


Tunde Lawal

Project & Structured Finance Unit

Investment Banking Group

Skye Bank Plc

3, Akin Adesola Street

Victoria Island, Lagos, Nigeria.


Mobile:+234 (0) 803 7262 608

Land:   +234 01 2700146-7

Fax:      234 01 2700145




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