Skye Shelter Fund, Nigeriaâ€™s firstÂ Â publicly quoted close-ended RealÂ Â Estate Investment Trust (REIT), has achieved a 37 per cent return for the year ended December 31, 2008, a year of widespread losses for other funds.
The Fund originally issued 20 million units at par value were listed at N100 per unit. However, as at December 31, 2008, the fund closed at N105.20 and had its net asset value per unit estimated at N129.72, representing a 37 per cent capital appreciationÂ compared with the 46 per cent depreciation in the Nigeria Stock Exchange All Share Index during the same time.
A statement issued by the fund managers, Skye Financial Services Limited said although 2008 was the most difficult year for The Nigerian capital market since its inception; The Skye Shelter Fund grew by 5 per cent and outperformed the Nigerian All Share Index (NASI) by a staggering 51 per cent as at December 31 2008.
The statement further said the impressive performance of the Fund makes it the superior performer amongst the various Funds available to investors.
The Skye Shelter Fund (SSF) scheme was listed on the Nigerian Stock Exchange in February 2008. It pools resources from various classes of investors interested in exploring real estate opportunities, and lack the time and or expertise to act on their own.
Its investment policy allows 75 per cent of the fund to be invested in Real Estate, 25 per cent in real estate related assets whilst about 10 per cent of the fund could be invested in liquid assets. By using the most sophisticated tools and techniques for investment analysis, the fund has identified and invested in the most deluxe and profitable real estate opportunities available in Nigeria. Holdings in Kabusa Gardens in Abuja, Victory Park in Lekki and prime properties in Ikoyi are examples of some of the assets in The Fundâ€™s portfolio.
As a Real Estate Investment Trust (REIT), the Skye Shelter Fund (SSF) has provided an additional avenue for investors to obtain superior earnings whilst diversifying their risk within a portfolio of various instruments. The statement said in a year of wide spread losses amongst other funds, The Skye Shelter Fund stood apart as a conservative Investment outlet. With expected results due before the end of Q2 2009, there are strong indications that investors will receive dividends in addition to the preserved invested capital.