NREIT surpasses 120 assets after N7bn raise

The Chapel Hill Denham Nigeria Real Estate Investment Trust (NREIT) has significantly expanded its property portfolio, now encompassing over 120 assets, following a successful N7 billion Series 5 fundraising exercise. This capital injection has been strategically deployed to finalize key real estate acquisitions and enhance the trust's liquidity.

The proceeds were primarily used to settle the remaining balance for an additional warehouse facility located at the Lagos Free Zone. The residual funds were allocated to meet ongoing working capital requirements. NREIT's diversified portfolio now includes four standard industrial facilities occupied by blue-chip corporate tenants and 119 corporate residential units leased to diplomatic and corporate residents on dollar-denominated leases.

The trust reported a robust financial performance for the first quarter ended March 31, 2026. Profit before tax surged to N3.19 billion, a substantial increase from N736.56 million in the same quarter of 2025. Total comprehensive income also grew significantly to N3.08 billion, despite a foreign exchange loss of N104.83 million.

Buoyed by strong cash inflows, NREIT announced its 21st consecutive quarterly dividend distribution. Investors meeting the qualification date of April 23, 2026, will receive payouts on June 29, 2026. Series 1 to 4 investors will receive N1.92 per unit, while new Series 5 investors are set to receive N1.50 per unit, with distributions payable in the currency of the earned rental income.

As of March 31, 2026, NREIT's total assets stood at N205.89 billion, an increase from N197.00 billion in December 2025. Net assets attributable to unitholders closed the quarter at N189.86 billion, with a Net Asset Value of N114.60 per unit across the 1.65 billion units currently in issue.