Chapel Hill Denham lists N163.6bn NREIT on NGX main board

Chapel Hill Denham Management Limited has recorded a major milestone in Nigeria’s property-backed securities market with the listing by introduction of 1.59 billion units of its Nigeria Real Estate Investment Trust (NREIT) on the Main Board of the Nigerian Exchange Limited (NGX). The listing, which took effect yesterday ranks among the largest Real Estate Investment […]

Chapel Hill Denham Management Limited has recorded a major milestone in Nigeria’s property-backed securities market with the listing by introduction of 1.59 billion units of its Nigeria Real Estate Investment Trust (NREIT) on the Main Board of the Nigerian Exchange Limited (NGX).

The listing, which took effect yesterday ranks among the largest Real Estate Investment Trust (REIT) admissions on the Exchange and represents a significant step toward deepening real estate investment opportunities for both institutional and retail investors.

The NREIT units were listed at N103 per unit, translating to an implied market capitalisation of approximately N163.6 billion under the fund’s N400 billion Issuance Programme.

According to an NGX bulletin signed by the Head of Issuer Regulation, Godstime Iwenekhai, the fund trades under the symbol NREIT with ISIN NGCHDNREIT00, and is officially listed as the Nigeria Real Estate Investment Trust Fund.

 

Key parties to the transaction include Chapel Hill Denham Management Limited as Fund Manager; Chapel Hill Denham Securities Limited as Stockbroker; Chapel Hill Denham Advisory Limited as Issuing House; Stanbic IBTC Trustees Limited as Joint Trustee; Rand Merchant Bank Nigeria Limited as Custodian; and Coronation Registrars Limited as Registrar.

 

The listing by introduction indicates that the units were not offered to the public at the point of admission but were listed based on existing investor holdings and regulatory approvals under the N400 billion programme.

 

NGX confirmed that the admission covers Series 1 to 4 of the issuance programme, amounting to 1,588,617,222 units with a nominal value of N100 each, but listed at a premium of N103.

 

Market analysts say the listing is expected to expand the depth of Nigeria’s alternative investment landscape, particularly at a time when investor appetite for income-generating and inflation-hedging assets is increasing.

 

The NREIT is structured to deliver stable returns through diversified income from real estate assets, offering investors exposure to the property market without the high capital requirements and illiquidity associated with direct property ownership.

 

The move is also expected to boost liquidity in the REITs segment of the capital market, which has benefited from renewed regulatory support and growing investor interest in 2025.

 

Industry watchers note that the listing aligns with NGX’s broader strategy to attract more real estate-backed instruments and strengthen capital formation for property development nationwide. It is also seen as a strategic milestone for Chapel Hill Denham, which has been expanding its footprint across real estate, infrastructure, and alternative investment management.

 

Real Estate Investment Trusts allow investors to participate in large, income-generating property portfolios through tradable securities, enabling both retail and institutional investors to gain exposure to commercial and residential real estate assets. By offering fractional ownership, REITs significantly lower entry barriers and provide liquidity, making them an attractive alternative to traditional property investments.