SFS Emerges as UPDC REIT Fund Manager

Oluchi Chibuzor 

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 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.”

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.