By Peter Egwuatu

TOP Services Limited (TSL) has unveiled plans to float a N20 billion Real Estate Investment Trust (REIT).

Vanguard gathered that the close-ended REIT offer, consisting of 20 million units for subscription at N1, 000 per unit was expected to open from February 1, 2017, and has   First Ally Capital as its Lead issuing house and First Ally Asset Management as its Fund Manager.

Chairman of TSL, Chief Tokunbo Omisore, informed Vanguard  that the initial investments by the REIT will focus on retail-related real estate.

He stated: “We are promising stable and regular income distribution to investors in the REIT. One of the strengths of the TSL REIT includes predictable cash flow.

The REIT will have rental payment agreements that are indexed to the NGN:US$ rate, zero leverage of assets at inception, while   investors will not take on development, construction or financing risk.

According to Mr. Winston Osuchukwu, Managing Director of First Ally Asset Management, Fund Manager for the TSL REIT, “investing in the Top Services Limited Real Estate Investment Trust allows for diversification of investment portfolio thereby reducing portfolio risks.”

The Investment Committee consists of professionals of diverse skills and in depth knowledge in real estate investment and operations. The REIT is transparently structured and backed by reputable organizations including ARM Trustees Limited, Stanbic IBTC Bank Plc and Leadway Assurance Plc.