NREIT surpasses 120 assets after N7bn raise

The Chapel Hill Denham Nigeria Real Estate Investment Trust has expanded its property portfolio to over 120 assets following the successful completion of its Series 5 fundraising exercise, which generated N7bn.

According to the Shariah-compliant fund’s first-quarter financial statement submitted to the Nigerian Exchange Group on Thursday, the fresh capital was deployed to finalise strategic real estate acquisitions and boost the trust’s liquidity.

Specifically, NREIT used the proceeds from the fundraise to pay the remaining balance for an additional warehouse facility located at the Lagos Free Zone, while allocating the residual sum to meet its ongoing working capital requirements.

Following the capital injection, the trust’s diversified portfolio now comprises four standard industrial facilities backed by blue-chip corporate tenants, alongside 119 corporate residential units leased to diplomatic and corporate residents paying dollar-denominated rentals.

The asset expansion coincided with a strong financial performance for the period ended 31 March 2026, as NREIT’s profit before tax surged to N3.19bn, up from the N736.56m recorded in the corresponding quarter of 2025. Total comprehensive income for the period also grew significantly to N3.08bn, compared to N693.58m in Q1 2025, despite experiencing a foreign exchange loss of N104.83m.

Backed by strong cash inflows generated during the quarter, the fund manager announced its 21st consecutive quarterly dividend distribution since inception.

Eligible unitholders who meet the qualification date of  23 April 2026, will receive payouts on 29 June 2026. Under the approved distribution structure, Series 1 to 4 investors will be paid N1.92 per unit, while the new Series 5 investors are set to receive N1.50 per unit. The fund manager noted that the distributions remain payable in the specific currency in which the rental income was earned.

As of 31 March 2026, NREIT’s total assets stood at N205.89bn, up from N197.00bn in December 2025. Net assets attributable to unitholders closed the quarter at N189.86bn, with the Net Asset Value calculated at N114.60 per unit across the 1.65 billion units currently in issue.