SFS Capital takes over as UPDC REIT’s new fund manager
SFS Capital Nigeria Limited has been appointed as the new Fund Manager for UPDC Real Estate Investment Trust, replacing Stanbic IBTC Asset Management Limited. The decision was ratified by unitholders at an Extraordinary General Meeting in Lagos. Patrick Ilodianya, Managing Director and CEO of SFS Capital Nigeria Limited, highlighted the rigorous selection process and outlined plans for the Trust’s future. The transition comes with expectations of improved governance, performance, and value creation for investors.
TLDR
- Unitholders approved SFS Capital Nigeria Limited as the new Fund Manager for UPDC REIT, replacing Stanbic IBTC Asset Management Limited.
- The appointment followed a competitive evaluation of six fund managers, with criteria set by the Securities and Exchange Commission.
- Patrick Ilodianya emphasized the value of the REIT’s portfolio and outlined a strategy for unlocking further value.
- The Trust’s credit rating was upgraded to A(NG) in March 2026, and within the first ninety days of 2026, revenue reached N1.027bn, with rental income up 82.8% year-on-year.
- Unitholders ratified key resolutions, including amendments to the Trust Deed and management agreements, signaling strong support for the new leadership.
