Chapel Hill Denham Management Limited has achieved a major milestone in Nigeria’s property-backed securities market with the Listing by Introduction of 1.59 billion units of its Nigeria Real Estate Investment Trust (NREIT) on the Main Board of the Nigerian Exchange Limited (NGX).
The listing, which took effect today, December 31, 2025, represents one of the largest REIT admissions on the Exchange and marks a significant step in deepening real estate investment opportunities for institutional and retail investors.
The units were listed at N103 per unit, giving the fund an implied market value of N163.6 billion under the N400 billion NREIT Issuance Programme.
What the listing details show
According to the NGX bulletin signed by the Head of Issuer Regulation, Godstime Iwenekhai, the listed fund carries the trading symbol NREIT, with ISIN NGCHDNREIT00, and will be traded under the name Nigeria Real Estate Investment Trust Fund.
Key parties to the transaction include:
- Fund Manager: Chapel Hill Denham Management Limited
- Stockbrokers: Chapel Hill Denham Securities Limited
- Issuing House: Chapel Hill Denham Advisory Limited
- Joint Trustee: Stanbic IBTC Trustees Limited
- Custodian: Rand Merchant Bank Nigeria Limited
- Registrar: Coronation Registrars Limited
The listing by introduction means that the units were not offered to the public at the time of listing but were admitted based on existing investor holdings and regulatory approvals under the N400 billion issuance programme.
What the listing means for Nigeria’s property investment market
The admission of the Chapel Hill Denham NREIT is expected to expand the depth of Nigeria’s alternative investment landscape at a time of rising appetite for income-generating assets.
The NREIT, structured to provide stable returns through diversified income from real estate assets, offers investors an opportunity to gain exposure to the property market. This is made possible without the high capital requirements and illiquidity associated with direct real estate ownership.
The NGX confirmed that the listing covers Series 1 to 4 of the programme, with a total of 1,588,617,222 units registered at a nominal value of N100 each but listed at a premium of N103.
Market analysts note that the listing could boost liquidity in the REITs segment of the market, which has seen renewed regulatory support and increased investor interest in 2025.
Implications for the Capital Market
The listing comes at a time when investors are seeking inflation-protective assets, particularly in real estate—one of the strongest-performing alternative asset classes in 2025. Market watchers say the move reinforces the NGX’s push to attract more real estate-backed instruments and strengthen capital formation for property development across the country.
Investment experts also consider the NREIT listing significant for Chapel Hill Denham, which has been expanding its footprint in infrastructure, real estate, and alternative investment management.
With structured oversight involving leading trustees, custodians, and registrars, the NREIT is expected to provide transparency, governance, and liquidity—key elements institutional investors demand.
What you need to know
The REIT offers investors exposure to diversified property assets with potential for stable income. The listing strengthens the NGX’s portfolio of real estate investment vehicles and provides another channel for mobilising long-term capital into Nigeria’s real estate sector.
Real Estate Investment Trusts (REITs) are structured to allow investors to participate in large, income-generating property assets without needing to buy property directly. This means retail and institutional investors can gain exposure to commercial and residential real estate via tradable securities on the stock exchange.
Fractional ownership lowers the entry barrier, enabling investors with modest capital to take part in the real estate market. Unlike direct property purchases that require large upfront sums and ongoing management, REIT units can be bought and sold easily on the NGX, improving accessibility and liquidity relative to traditional real estate.
As a Securities and Exchange Commission authorized Real Estate Investment Scheme, returns on investments as annual distribution are not less than 75% of its rental income or dividend income to unit holders.
