SFS Appointed as Fund Manager for UPDC REIT

Oluchi Chibuzor

SFS has been appointed as the fund manager for the UPDC Real Estate Investment Trust (REIT) after the resignation of Stanbic IBTC Asset Management.

During the extraordinary general meeting of the UPDC REIT, Patrick Ilodianya, Managing Director of SFS Capital Nigeria, explained how the firm secured the role following the departure of Stanbic IBTC Asset Management.

He reported that since taking over the fund, total revenue has reached N1.027 billion in the first quarter of 2026.

According to him, “In the first quarter alone—ninety days—total revenue reached N1.027 billion, one of the highest quarterly revenues in this Trust’s history. Rental income grew by 82.8 percent year‑on‑year, reflecting the underlying contractual rent dynamics and improved performance across the portfolio. Net distributable income rose 36.4 percent, one of the strongest first‑quarter results since inception.”

He added, “In March 2026, our GCR credit rating was upgraded to A(NG), with a Positive Outlook, an independent endorsement of the Trust’s underlying strength. NAV per unit closed the quarter at N13.58, reflecting the underlying asset values independently determined by the Trust’s valuers.”

Ezekiel Folahan, Head of Trust Finance at United Capital, said that as joint trustees they will continue to monitor the fund to ensure full compliance with regulatory rules.