August 11, 2020

Union Homes REIT reports 100% Occupancy Rates in 7 out of 9 properties as at July 2020.

Yemisi Okunowo

Union Homes Real Estate Investment Trust on 3rd of August, 2020 published its Key Performance Metrics for July 2020. The REIT currently holds 9 residential properties in its portfolio with a net asset value of ₦10.024bn up from ₦9.918bn from the same period last year. Average occupancy rates increased from 64% to 97% leading to a corresponding increase in weighted average property yield from 2.74% to 4.01% from July 2019 to July 2020.

This significant improvement in the performance of the portfolio can be attributed to Olive Apartment, Abuja and Continental Apartment, Lagos which reported 100% occupancy rates in July 2020 from 0% occupancy rates in July 2019 after undergoing renovations in 2018.

Source: Union Homes REIT Key Performance Metrics for July 2020

Union Homes REIT contributes about 41% to the total market cap of Nigerian REITs as at October 2019. To understand more about the Nigerian REIT industry, their individual property portfolios, historical rental yield, net asset value among other information, access our Nigerian REIT Industry Dashboard.

Nigeria’s REIT industry has had some positive news lately as UAC of Nigeria PLC (UAC) announced that a binding agreement with Custodian Investment PLC (Custodian) was signed for the purchase of a 51% equity interest in UACN Property Development Company PLC (UPDC) giving Custodian direct exposure to UPDC REIT.

View the full report here and download other financial reports available on our website here.

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