NREIT seeks N30.4 billion through Series 6 offer to expand real estate portfolio

The Nigeria Real Estate Investment Trust (NREIT) has launched a N30.4 billion Series 6 Offer aimed at expanding its portfolio of income-generating real estate assets and strengthening its position as Nigeria’s largest real estate investment trust.

The offer, managed by Chapel Hill Denham Management Limited, was opened on July 9, 2026, under NREIT’s N400 billion Issuance Programme.

According to a statement signed by Aramide Oyeneyin on behalf of Chapel Hill Denham Management Limited, the Fund is offering 289.63 million units at N105 per unit, with proceeds earmarked for the acquisition of new assets within NREIT’s investment pipeline.

What they are saying

The Fund Manager stated that capital raised from the Series 6 Offer will be deployed towards acquiring high-quality real estate assets that align with NREIT’s investment strategy.

The transaction is expected to further strengthen the Fund’s market position and expand its footprint across key segments of Nigeria’s commercial real estate market.

• “Nigeria Real Estate Investment Trust, Nigeria’s largest REIT, announces that the Series 6 Offer under the N400 billion Issuance Programme opened on July 9, 2026.”

The Fund currently has a capitalisation of more than N180 billion, making it the largest and most capitalised REIT in the country.

Upon completion of the fundraising exercise, NREIT’s total capitalisation is expected to exceed N210 billion.

• “With a current capitalisation of over N180 billion, NREIT is the strongest capitalised REIT in Nigeria. On completion of the Series 6 Offer, the Fund’s total capitalisation will exceed N210 billion, further extending its position as the market leader and deepening the REIT market in Nigeria,” the statement added.

Context

Real Estate Investment Trusts (REITs) have increasingly emerged as a vehicle for institutional and retail investors seeking exposure to real estate without directly owning or managing properties.

The Series 6 Offer comes at a time when investors are seeking alternative assets that can provide stable returns and hedge against inflation. The additional capital is expected to support the acquisition of new assets, increase rental income streams, and enhance long-term value creation for unit holders.

The Fund is also expected to make its 21st consecutive quarterly distribution since inception, underscoring its track record of delivering regular income to investors and reinforcing its position as one of the most active REITs in the Nigerian capital market.

More insights

The Series 6 Offer marks NREIT’s sixth capital raise since it was established in 2020 and the second fundraising exercise since the Fund was listed on the Nigerian Exchange Limited (NGX).

Over the years, the Fund has leveraged successive capital raises to acquire institutional-grade assets and build one of the largest professionally managed real estate portfolios in Nigeria.

NREIT is a Securities and Exchange Commission (SEC)-registered and Shariah-compliant real estate investment trust denominated in naira.

The Fund invests exclusively in the Nigerian real estate market, focusing on high-quality, income-producing assets across key segments including office buildings, industrial facilities, corporate residential developments, and other specialised real estate sectors.

The trust is sponsored by Chapel Hill Denham, while Chapel Hill Denham Management Limited serves as the Fund Manager. Its units are listed and traded on the Nigerian Exchange.

What you should know

The latest capital raise comes on the back of strong financial performance by the Fund.

NREIT reported a pre-tax profit of N3.19 billion for the first quarter ended March 31, 2026, representing a 333.6% increase from N736.56 million recorded in the corresponding period of 2025.

Total comprehensive income also rose significantly to N3.09 billion during the period, compared with N693.93 million reported a year earlier, reflecting growth of 345.35%.

The strong earnings performance has reinforced investor confidence in the Fund and strengthened its capacity to pursue further expansion opportunities in Nigeria’s real estate sector.