Top Services Limited floats N20b REITTop Services Limited floats N20b REIT

Top Services Limited floats N20b REIT

Top Services Limited (TSL) is floating a N20 billion Real Estate Investment Trust (REIT) to be able to increase its investment in the Nigerian real estate sector.

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Top Services Limited floats N20b REIT

Top Services Limited (TSL) is floating a N20 billion Real Estate Investment Trust (REIT) to be able to increase its investment in the Nigerian real estate sector.
The property development firm specializes in building neighbourhood malls. It said the close-ended TSL REIT offer, which opened last week, is made up of 20 million units for subscription at N1, 000 per unit.
The TSL has developed four malls – Adeniran Ogunsanya Mall, Surulere, Apapa Mall, Apapa, Cocoa Mall, Dugbe, Ibadan, Oyo State and Akure Mall, Akure, Ondo State. They are all operational with occupancy rates of over 80 per cent.

This REIT is supported by ARM Trustees Limited, Stanbic IBTC Bank Plc and Leadway Assurance Plc. The offer’s lead issuing house is First Ally Capital and First Ally Asset Management as its Fund Manager.

Meeting a Need

After identifying the need for well-suited and affordable retail/mall spaces to help catalyse the growth of local retailers, Top Services Limited committed to building and delivering affordable, high quality neighbourhood malls to attract anchor tenants.

 

REIT Investment Allocation

According to the chairman of Top Services Limited, Tokunbo Omisore, the initial investments by the REIT will concentrate on retail-related real estate including the four malls already owned by the company.

 

ROI

Omisore promised stable and constant income to investors in the REIT. He revealed that the malls boast of diverse corporate tenants with rental renewal periods spread to prevent mass vacancy at any period.

Advantages of Investing in TSL REIT

Advantages of the Top Services Limited REIT include:

  • Predictable cash flow
  • Multiple anchor tenants with long term leases at all locations
  • Rental payments agreements indexed to the naira-dollar rate
  • Initial zero leverage of assets
  • No development, construction or financing risk
  • Diversified investment portfolio to reduce portfolio risks.
  • Professionally managed REIT with great care, top skill, prudence and diligence

 

Professional Guarantee

Winston Osuchukwu, Managing Director of First Ally Asset Management said: “Investing in the Top Services Limited Real Estate Investment Trust lets you diversify your investment portfolio thereby reducing portfolio risks. He assured investors that the REIT will be managed by professionals with great care, top skill, prudence and diligence”.
The Investment Committee has professionals with diverse skills and in depth knowledge in real estate investment and operations.
He appealed to institutional investors like the Pension Fund Administrators (PFAs), to take advantage of the REIT assuring them that the REIT’s excess capital will be invested in:

  • Upgrading existing facilities
  • Government securities
  • Real estate related investments to enhance the yield of the fund
  • Other projected income streams
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