Thursday, February 9, 2017 3:30pm/Top Services Limited
The Top Services Limited Real Estate Investment Trust (TSL REIT) is a close-ended Equity REIT offer, consisting of 20 million units for subscription at N1, 000 per unit. The investment which opened for subscription on February 1, 2017 is scheduled to last till March 10, 2017 and would be listed on the Nigerian stock Exchange on April 17, 2017.
Key Facts about the REIT you need to know before investing in same are as follows:
The Sponsor - Top Services Limited
The Fund Manager - First Ally Asset Management Limited
Financial Adviser/Lead Issuing House - First Ally Capital Limited
Joint Issuing Houses - Cowry Asset Management Limited, Futureview Financial Services Limited and Greenwich Trust Limited
Trustee: ARM Trustees Limited
Custodian: Stanbic IBTC Bank Plc (Custodial Services - Stanbic Nominees Limited)
Solicitors to the Transaction: Udo Udoma & Belo-Osagie
Reporting Accountants: Pedabo Audit Services
Registrars: United Securities Limited
Stockbrokers to the Issue & Market Makers: FSDH Securities Limited
Method of Offer: Offer for Subscription
Minimum Subscription: 1,000 units and multiples of 500 units thereafter
Offer Price: N1,000.00 per Unit
Offer Size: N20,000,000,000.00 (Twenty Billion Naira Only)
Payment Terms: In full on Application
Mandatory Subscription: The Sponsor shall hold up to 30% of the REIT while the balance will be held by the investing public. The Sponsor shall receive equivalent Units of the REIT in part consideration for their interest in the Malls. This is in compliance with current regulation issued by the Commission that the Promoters of unit trust schemes in Nigeria must subscribe to a minimum of 5% of the initial issue of such Scheme
Objectives of the Fund:
The REIT aims to provide Investors with regular and stable income and sustainable long-term growth in dividend payment and Net Asset Value (“NAV”) per unit. The REIT will invest in a portfolio of high-quality retail malls that are already generating income and money market instruments.
For more details, kindly visit www.first-ally.com or send an email to [email protected] or [email protected]
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