NREIT seeks N30.4bn after 333% profit jump
Nigeria's largest REIT is raising N30.4 billion to acquire commercial assets, leveraging a 333% profit surge to push its market capitalisation past N210 billion.
The Nigeria Real Estate Investment Trust (NREIT) opened a N30.4 billion Series 6 Offer on July 9, 2026, issuing 289.63 million units at N105 each. Chapel Hill Denham Management Limited is managing the capital raise, which operates under NREIT’s N400 billion Issuance Programme. "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 fundraising arrives on the back of a dramatic acceleration in the trust's profitability. Pre-tax profit for the first quarter ended March 31, 2026, reached N3.19 billion, surging 333.6% from N736.56 million in the corresponding period of 2025. Total comprehensive income climbed 345.35% to N3.09 billion, up from N693.93 million a year earlier.
This earnings performance has reinforced investor confidence and given the trust the financial capacity to pursue further expansion. Proceeds from the Series 6 Offer are earmarked for acquiring high-quality real estate assets within NREIT’s existing investment pipeline. The fund manager stated that the capital will be deployed toward properties that align with the trust's strategy of expanding its footprint across key segments of Nigeria’s commercial real estate market.
The acquisition drive will significantly increase the scale of the fund. "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.
For market participants, the vehicle provides a mechanism to access Nigeria's real estate market without the operational complexities of direct ownership. The fund targets institutional and retail investors seeking stable returns and a hedge against inflation. NREIT is positioned to deliver on this income mandate, with the fund expected to make its 21st consecutive quarterly distribution since inception.
The trust exclusively invests in naira-denominated, income-producing assets, focusing on office buildings, industrial facilities, corporate residential developments, and specialised real estate sectors. Sponsored by Chapel Hill Denham, NREIT is registered with the Securities and Exchange Commission and maintains Shariah compliance. This marks the trust's sixth capital raise since its establishment in 2020 and its second since listing on the Nigerian Exchange Limited.
