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HMK REIT to Raise N13.39bn Via IPO
08 Dec 2014
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By Eromosele Abiodun
Haldane McCall Real Estate Investment Trust (HMK REIT) is currently issuing 2.6 billion units at N5.15 per share to investors via Initial Public Offering (IPO) to raise N13.39 billion. The IPO opened last Thursday and is expected to close January14, 2015.
The IPO was endorsed by directors of HMK and other parties at completion board meeting in Lagos, while are allowed a minimum purchase of 10,000 units and multiples of 2,000 thereafter.
According to the company, the proceeds will be invested in a portfolio of high quality residential and commercial real estate properties that are already generating income, other potential high yield real estate assets and money market instruments.
The portfolio will be a diverse portfolio of residential and commercial properties located in GRA Ikeja, Ikeja Central Business district and Ikoyi, Lagos.
The company said: “A minimum of 90 per cent will be invested in real estate and real estate related assets while a maximum of 10 per cent will be in liquid asset investment. The investment objective of the REIT is to provide unit holders with regular and stable income, sustainable long-term growth in dividend payment and net asset value (NAV) per unit. It aims to achieve a long term appreciation of its assets and maximize returns on capital employed.
“The fund manager shall seek to maintain a balance between realised income and capital growth to ensure regular income and continuous appreciation in asset values while ensuring optimal safety of assets and adequate liquidity to meet the Trust’s obligation as they fall due. A minimum of 90 per cent of the income earned in any financial year will be distributed to unit holders every financial year.
“An application has been made to the council of the Nigeria Stock Exchange (NSE) for the admission to its daily official list of the units of the REIT. A Market Maker will also be appointed to ensure that units of the REIT are available for trading as at when required.”
Managing Director of FSDH Asset Management Limited and Fund Manager of HMT REIT, Olumayowa Ogunwemimo, said HMT REIT presents an opportunity to discerning investors to balance their investment portfolio and partake in stable and consistent stream of real estate income which a REIT provides as 90 per cent of income is distributed annually.
“The sponsor, Suru Worldwide Ventures Nigeria Limited, shall hold five per cent of the REIT while 95 per cent will be held by the investing public. Upon completion of the offering, the HMK REIT will be managed by FSDH Asset Management Limited, one of the leading asset managers in Nigeria. Other key parties are Skye Trustees Limited, trustee to the REIT and United Bank for Africa Plc, custodian of the assets. The issuing houses are Goldbanc Management Associates Ltd (GMA)- lead issuing house, while co-issuing houses are BGL Capital, Capital Bancorp Plc, Greenwich Trust Limited, LeadCapital Plc and Planet Capital Limited,” he stated.
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