SFS Emerges As UPDC REIT Fund Manager

SFS has emerged as the fund manager for the UPDC Real Estate Investment Trust( REIT) following the resignation of Stanbic IBTC Asset Management.

Speaking at the extraordinary general meeting of the UPDC Real Estate Investment Trust, the Managing Director, SFS Capital Nigeria, Mr. Patrick Ilodianya, said the outcome of how they emerged is a rigorous following resignation of Stanbic IBTC Asset Management.

He disclosed that since effectively taking over the fund, total revenue has reached N1.027 billion in the first quarter of 2026. According to him, “In the first quarter alone ninety days – total revenue reached N1.027 billion, one of the highest quarterly revenues in this Trust’s history.

“Rental income grew by 82.8 percent year-on-year, reflecting the underlying contractual rent dynamics and improved performance across the portfolio. Net distributable income rose 36.4 percent, one of the strongest first-quarter results since inception.

He added explained that “In March 2026, our GCR credit rating was upgraded to A(NG), with a Positive Outlook, an independent endorsement of the Trust’s underlying strength. NAV per unit closed the quarter at N13.58, reflecting the underlying asset values independently determined by the Trust’s valuers.

“We have an active capital expenditure programme across all six properties, designed to unlock the full rental potential of each asset. Our goal is to grow distributions to unitholders in a consistent, continuous, and compounding manner after year. year.

“UPDC REIT has iconic, well-located, and diversified properties and it now has a new Fund Manager to unlock its full value. We thank the Securities and Exchange Commission for its guidance, the Trustees for their confidence, the outgoing Fund Manager, Stanbic IBTC Asset the unitholders for your patience Management,for a professional handover, and you and continued confidence.”

On his part, Head, Trust Finance, United Capital, Ezekiel Folahan, said as joint trustees, they will continue to monitor the fund to ensure full compliance to regulatory rules.

According to him, “We have been monitoring the fund manager to make sure that they follow the rules to the core. We will continue to make sure that we are on guard to ensure that the fund manager does the right thing at all times.”