February 22, 2013/ FSDH Research
UACN Property Development Company (“UPDC”), the foremost wholly indigenous real estate company in Nigeria with a successful track record of over 14 years, is promoting a
N30 billion Equity Real Estate Investment Trust (“REIT”) and has appointed FSDH Asset Management Limited as the Fund Manager to the REIT.
The REIT, leveraging on the Sponsor and the Fund Manager’s extensive experience intends to acquire residential and commercial properties in central business districts in Nigeria.
The competitive strengths of the properties currently identified include:
1. strategic locations,
2. quality of construction (as evidenced by the reputable construction companies involved),
3. high quality of tenants,
4. historic high occupancy rates; and
5. credible history of engagaments
The initial properties to be acquired by the REIT includes:
1. Abebe Court, Ikoyi, Lagos;
2. Victoria Mall Plaza Phase 1 (VMP Residential), VI, Lagos;
3. Victoria Mall Plaza Phase 2 (VMP Office Block), VI, Lagos;
4. UAC Office Block, Central Business District, Abuja; and
5. The Multi-purpose Commercial Property, Factory Road, Aba.
The Initial Public Offer opened on Tuesday, February 19, 2013 and will close on Thursday, March 28, 2013.
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