By Babajide Komolafe
UPDC Real Estate Investment Trust (UPDC REIT) has distributed N1.5 billion to its unit holders representing the final distribution for the year ended December 2019 and interim dividend for half year June 2019.
The distribution, which was approved by the unit holders at the 5th annual general meeting of the company held in Lagos, comprise N0.26k and N0.32k per unit being the distribution proposed by the fund manager, FSDH Asset Management Limited, (FSDH AM) as the final distribution for the financial year ended December 31, 2018 and the interim dividend for period ended June 2019 respectively.
Speaking at the AGM, a unit holder, Mr Igwe Robert Iheanyichukwu, commended FSDH AM for the management of the UPDC REIT, noting that despite the challenging macroeconomic environment, the REIT is still able to fulfil its promise of consistent income distribution to unit holders.
Also speaking at the AGM, Managing Director of FSDH Asset Management Limited, Mrs. Olumayowa Ogunwemimo, attributed the performance of the REIT to not only the quality of assets in the REIT but also to the management process of the REIT portfolio.
She added that, FSDH AM will continue to seek additional investments in quality real estate assets and real estate related assets to ensure that the REIT continues to deliver on its promise to generate and distribute competitive returns to its unit holders.