All you need to know about the TSL REIT

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Thursday, February 9, 2017 3:30pm/Top Services Limited

The Top Services Limited Real Estate Investment Trust (TSL REIT) is a close-ended Equity REIT offer, consisting of 20 million units for subscription at N1, 000 per unit. The investment which opened for subscription on February 1, 2017 is scheduled to last till March 10, 2017 and would be listed on the Nigerian stock Exchange on April 17, 2017.

Key Facts about the REIT you need to know before investing in same are as follows:

The Sponsor -                                Top Services Limited   

The Fund Manager -                   First Ally Asset Management Limited

Financial Adviser/Lead Issuing House - First Ally Capital Limited

Joint Issuing Houses -               Cowry Asset Management Limited, Futureview Financial Services Limited and Greenwich Trust Limited

Trustee:                                           ARM Trustees Limited

Custodian:                                      Stanbic IBTC Bank Plc (Custodial Services - Stanbic Nominees Limited)

Solicitors to the Transaction: Udo Udoma & Belo-Osagie

Reporting Accountants:           Pedabo Audit Services

Registrars:                                                 United Securities Limited

Stockbrokers to the Issue & Market Makers: FSDH Securities Limited

Method of Offer:                          Offer for Subscription

Minimum Subscription:           1,000 units and multiples of 500 units thereafter

Offer Price:                                    N1,000.00 per Unit

Offer Size:                                       N20,000,000,000.00 (Twenty Billion Naira Only)

Payment Terms:                           In full on Application

Mandatory Subscription:        The Sponsor shall hold up to 30% of the REIT while the balance will be held by the investing public. The Sponsor shall receive equivalent Units of the REIT in part consideration for their interest in the Malls.  This is in compliance with current regulation issued by the Commission that the Promoters of unit trust schemes in Nigeria must subscribe to a minimum of 5% of the initial issue of such Scheme

Objectives of the Fund:

The REIT aims to provide Investors with regular and stable income and sustainable long-term growth in dividend payment and Net Asset Value (“NAV”) per unit. The REIT will invest in a portfolio of high-quality retail malls that are already generating income and money market instruments.

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