UPDC REIT declares N613.70 million interim dividend for 2016
Despite the harsh operating environment, the UPDC REIT has distributed N613.70million to unit holders as interim dividend for the period ended June 30, 2016. This is fifth distribution made by the firm in its three years of operation.
The UPDC REIT was launched in 2013 and is being managed by FSDH Asset Management Limited.
The Managing Director of FSDH Asset Management Limited, Mrs. Olumayowa Ogunwemimo, explained that the investment management process of the REIT is overseen by an investment committee, which include independent members with wide experience in both local and foreign real estate markets.
According to her, 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, she explained that 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.
She added that 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 stockbrokers.