UPDC Real Estate Investment Trust (UPDC REIT) promoted by UACN Property Development Company has announced the distribution of N1.5 billion to its unit holders.
The distribution by UPDC REIT is the final distribution for the year ended December 2019 and interim dividend for half year 2019. The distribution was approved by the unit holders at the 5th Annual General Meeting of the company.
FSDH Asset Management Limited (FSDH AM), UPDC REIT’s Fund Manager, gave the breakdown of the distribution to comprise N0.26k and N0.32k per unit being the distribution proposed by the fund manager, as the final distribution for the financial year ended December 31, 2018 and the interim dividend for the period ended June 2019 respectively.
Mr Igwe Robert Iheanyichukwu, a unit holder, while making a statement at the company’s Annual General Meeting, commended FSDH AM for the management of the UPDC REIT, stating that in spite of the difficult macroeconomic environment, the REIT was able to fulfil its promise of consistent income distribution to unit holders.
Also speaking at the AGM, Managing Director of FSDH Asset Management Limited, Mrs. Olumayowa Ogunwemimo, attributed the performance of the REIT to not only the quality of assets in the REIT but also to the management process of the REIT portfolio.
Mrs. Ogunwemino stated 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.
Meanwhile, the objective of the REIT is to provide investors with consistent income on their investments. The UPDC REIT is listed on the Nigerian Stock Exchange as an equity REIT and can be traded through any dealing member of NSE. REIT’s holders enjoy the benefit of owning real estate assets, without committing the large capital required.