The Chapel Hill Denham Nigeria Real Estate Investment Trust (NREIT) has expanded its property portfolio to more than 120 assets after successfully raising ₦7 billion through its Series 5 fundraising exercise.
According to the trust’s first-quarter financial results filed with the Nigerian Exchange Group (NGX), the newly raised capital was used to complete strategic property acquisitions and strengthen the fund’s liquidity.
How the Funds Were Used
The proceeds were primarily used to:
- Complete payment for an additional warehouse facility in the Lagos Free Zone.
- Provide additional working capital for the trust’s operations.
Portfolio Growth
Following the expansion, NREIT’s portfolio now includes:
- 4 standard industrial facilities occupied by blue-chip corporate tenants.
- 119 corporate residential units leased to diplomatic missions and corporate clients, with many rentals denominated in U.S. dollars.
Strong Financial Performance
For the quarter ended 31 March 2026, the trust reported:
- Profit before tax: ₦3.19 billion, up from ₦736.56 million in Q1 2025.
- Total comprehensive income: ₦3.08 billion, compared with ₦693.58 million a year earlier.
- Foreign exchange loss: ₦104.83 million during the quarter.
Dividend Distribution
The strong performance enabled NREIT to declare its 21st consecutive quarterly dividend since inception.
Eligible unitholders recorded as of 23 April 2026 are scheduled to receive payments on 29 June 2026:
- Series 1–4 investors: ₦1.92 per unit
- Series 5 investors: ₦1.50 per unit
The trust noted that dividends will be paid in the currency in which the rental income was earned.
Asset Position
As of 31 March 2026:
- Total assets: ₦205.89 billion (up from ₦197.00 billion in December 2025).
- Net assets attributable to unitholders: ₦189.86 billion.
- Net Asset Value (NAV): ₦114.60 per unit, based on 1.65 billion units in issue.
The expansion strengthens NREIT’s position as one of Nigeria’s major real estate investment trusts, with continued emphasis on income-generating industrial and residential properties.
