UPDC REIT Approves N1.5bn Payout to Unit Holders


UPDC REIT, the largest Real Estate Investment Trust listed on the Floor of The Nigerian Stock Exchange held its fifth Annual General Meeting on Tuesday, 5 November 2019.

At the meeting, the Unit holders approved the distribution of N0.26k and N0.32k per unit being the distribution proposed by the Fund Manager, FSDH Asset Management Limited, (FSDH AM) as the final distribution for the financial year ended December 31, 2018 and the interim dividend for period ended June 2019 respectively.

The Unit holders commended FSDH AM for the Management of the UPDC REIT.

Mr Igwe Robert Iheanyichukwu, a unit holder expressed his satisfaction over the fact that despite the challenging macroeconomic environment, the REIT was still able to fulfil its promise of consistent income distribution to unit holders.

The Managing Director of FSDH Asset Management Limited, Mrs. Olumayowa Ogunwemimo, attributed the performance not only to the quality of assets in the REIT, but also to the management process of the REIT portfolio.

She added that, FSDH AM would continue to seek additional investments in quality real estate assets and real estate related assets to ensure that the REIT continues to deliver on its promise to generate and distribute competitive returns to its unit holders.