SFS Capital has been appointed as the new fund manager for UPDC Real Estate Investment Trust (REIT) Plc, in a move aimed at strengthening the real estate investment trust’s portfolio performance and unlocking new capital opportunities.

This appointment positions SFS Capital, a Securities Exchange Commission (SEC)-licensed asset management firm, at the helm of UPDC’s fund operations as the company seeks to revive investor confidence and scale growth across its property assets.

Speaking on the appointment at a general meeting held in Lagos, the Managing Director/Chief Executive Officer, SFS Capital, Patrick Ilodianya, said the firm’s priority was to instil discipline, integrity and transparency in how UPDC’s capital is deployed while upholding unitholders’ interest.

Ilodianya revealed that, having taken over the funds, the rental income revenue grew by 82.8 per cent year on year, reflecting the underlying contractual rent dynamic and improved performance across the portfolio.

He said SFS Capital has built a reputation for managing fixed income, equity and real estate-linked funds with a focus on risk-adjusted returns, adding that the firm’s approach combines data-driven investment analysis with active portfolio management, a model that UPDC is banking on to navigate the current economic climate.

While upholding the appointment, the CEO said: “This appointment is the outcome of a deliberate and rigorous process led by the Trustees. Following the resignation of Stanbic IBTC Asset Management, six fund managers applied and were assessed against SEC-mandated criteria, including track record and forward strategy for UPDC REIT, but SFS Capital emerged as the preferred candidate.”

Ilodianya highlighted the fund’s extraordinary performance. He emphasised the unprecedented dividend payout, which has surged as compared to previous figures, adding that “such growth remains one of the strongest first quarter results since inception”.

Detailing the financial triumph, Ilodianya explained that “we effectively took over this fund on January 1, 2026.

In the first quarter alone, total revenue reached N1.027 billion, one of the highest quarterly revenues in UPDC Trust’s history. Rental income grew by 82.8 per cent year on year, reflecting the underlying contractual rent dynamics and improved performance across the portfolio.