An Investment Opportunity in REIT

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Thursday, February 9, 2017 3:00pm / Ibrahim Bello  

A cursory review of the Top Services Limited Real Estate Investment Trust (TSL REIT) shows that this is a very good opportunity to participate in a commercial real estate venture.  

As an investor seeking investment opportunities in property, especially those occupied by corporate tenants and retailers, this is a great way to participate in the market with the “Big Boys”, as an investment in this REIT makes you a part owner of the property and entitles you to a share of the rental income.  

The identified malls which the TSL REIT would invest in include:

·         Adeniran Ogunsanya Mall, Surulere, Lagos State

·         Apapa Mall, Apapa Lagos State

·         Cocoa Mall, Dugbe, Ibadan, Oyo State

·         Akure Mall, Akure, Ondo State 

Investment in this REIT effectively makes you a “Landlord” without the huge investment and challenges (construction, “Omo Oniles”, finding tenants) that are associated with real estate investments; and since all the malls are built, in operation and are cash generating the risk is lower and investors will begin to receive dividends from the first year.  

At the moment, the tenants include top local and international retailers like Shoprite (In all four), Filmhouse (In three), Pep stores (In all four), and so many others. This would thus keep the rents steady and since the rents are quoted in dollar but paid in Naira, there is no Forex issue associated with same and your Naira income would increase as the Naira falls. 

Comparing the TSL REIT projections for the next 5 years to other investment opportunities, we see that this investment is one of the highest dividend yielding investments in the market. Should you need to “cash out”, you can sell your ownership of these malls on the Nigerian Stock Exchange and even buy more if you want to increase your stake.  

This TSL REIT is regulated by the Securities and Exchange Commission (SEC) and has a credit rating so one is rest assured that it is legit.  

Every once in a while, opportunities like this come through and given what we see and read about the various South African Companies building and operating malls across the country; it is good that one take advantage of this opportunity.  

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