NGX Lists N163.6 Billion Chapel Hill Denham NREIT
The Nigerian Exchange Limited (NGX) has officially admitted the Nigeria Real Estate Investment Trust (NREIT), managed by Chapel Hill Denham Management Limited, to its Main Board. The listing by introduction of 1.59 billion units at N103 per unit represents a milestone for the country’s capital market, adding N163.6 billion to the total market capitalization.
This listing, effective December 31, 2025, positions the NREIT as one of the largest property-backed securities in Nigeria, offering a regulated vehicle for both institutional and retail investors to gain exposure to high-value real estate assets.
Key Details of the NREIT Listing
The NREIT was admitted under the N400 billion Issuance Programme, with the initial listing covering Series 1 to 4.
NREIT Listing Snapshot
| Feature | Details |
|---|---|
| Trading Symbol | NREIT |
| Listing Price | N103.00 per unit |
| Total Units Listed | 1,588,617,222 units |
| Market Value | N163.6 Billion |
| Asset Focus | Shariah-compliant commercial real estate (Office, Retail, Industrial) |
Why the NREIT Listing Matters for Investors
Real Estate Investment Trusts (REITs) are designed to bridge the gap between the high-entry barriers of physical property and the accessibility of the stock market. For the Nigerian investor, this listing provides three critical advantages:
1. Professional Management and Governance
The NREIT is managed by Chapel Hill Denham Management Limited, with a structure that includes Stanbic IBTC Trustees Limited as Joint Trustee and Rand Merchant Bank as Custodian. This institutional oversight ensures transparency and compliance with SEC regulations, which is vital for building trust among the global diaspora.
2. Liquidity in an Illiquid Sector
Direct real estate investment in Nigeria typically requires large capital and months to liquidate. By listing on the NGX, NREIT units can be bought and sold through any licensed stockbroker, providing investors with immediate liquidity and a way to exit their positions at market prices.
3. High Yield and Inflation Protection
REITs are legally mandated to distribute a significant portion of their income—typically at least 75% of rental or dividend income—to unit holders. As a Shariah-compliant fund focusing on income-producing commercial assets, the NREIT offers a hedge against inflation through property appreciation and rental escalations.
Market Impact and Economic Outlook
The admission of the NREIT contributed significantly to the NGX closing the 2025 trading year on a high note, with the total market capitalization reaching N99.38 trillion. Analysts expect this move to trigger a "domino effect," encouraging other property developers to use the capital market as a source of long-term funding for Nigeria’s urban expansion.
