FSDH Asset Mgt Ltd Appointed Fund Manager for UPDC REIT

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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.


Related News:

1.  UPDC REIT Initial Public Offer - Equity Note from BGL

2.  UPDC N30bn REIT Offer Opens Today

3.  UPDC REITs Public Offer – Frequently Asked Questions

4.  REIT's in Nigeria: An Uninspired History of Sponsors

5.  UPDC to raise a N30bn IPO offering in Own REIT - Proshare


7.  UPDC REIT - Prospectus February 2013

8.  UPDC REIT Application Form


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