UPDC REIT Distributes N613.70m Interim Dividend to Unit Holders

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Despite the weak macro-economic environment, the UPDC REIT has distributed the sum of N613.70million to unit holders as interim dividend for the period ended June 30, 2016.

This distribution, the company said in a statement, was the fifth distribution it made in its three years of operation.

The UPDC REIT was launched in 2013 and is being managed by FSDH Asset Management Limited.

Managing Director of FSDH Asset Management Limited, Mrs. Olumayowa Ogunwemimo, said the investment management process of the REIT is overseen by an investment committee which include independent members who have broad experience in both local and foreign real estate markets.

She explained that the UPDC REIT provides investors with the opportunity to invest in a diversified real estate portfolio as it has exposure to both residential and commercial properties with location in Lagos, Abuja and Aba.

“In addition, the UPDC REIT provides a stable and regular income to investors, as REITs typically pay out 90 per cent of the total income realised on an annual basis.

“For investors who missed the opportunity of investing in the UPDC REIT during the public offer in 2013, the units of the REIT can be purchased on the floor of the exchange through their stock brokers, “she said.