August 19, 2018

UPDC REIT invests in Student Accommodation at Pan-Atlantic University

Dolapo Omidire

UACN Property Development Company REIT has invested in a student accommodation asset at the Pan-Atlantic University Campus in Ibeju-Lekki. The REIT disclosed its interest in investing in Pearl Hostel 1 in their recently published financial statement for the period ended December 2017. The transaction, however, was concluded in 2018 and reduced their current allocation in liquid assets to approximately 13.5%.

UPDC explains that they identified multiple real estate opportunities through the course of 2017 that were either overpriced or did not meet the investment criteria of the trust. Further to the investment committee’s approval, UPDC commenced the required due diligence and forwarded its final offer letter during 2017.

Pan-Atlantic University is a private educational institution in Lagos, Nigeria, which had its origin as the Lagos Business School (LBS), established in 1991. The new hostel is located in the Ibeju-Lekki Campus, where undergraduate programmes are taught.

Pearl Hostel - Pan-Atlantic University
Pearl Hostel – Pan-Atlantic University
Pan-Atlantic University
Pearl Hostel - Pan-Atlantic University
Pearl Hostel – Pan-Atlantic University
Pearl Hostel - Pan-Atlantic University
Pearl Hostel – Pan-Atlantic University
Pearl Hostel - Pan-Atlantic University
Pearl Hostel – Pan-Atlantic University
Pearl Hostel - Pan-Atlantic University
Pearl Hostel – Pan-Atlantic University

Related Articles

INDUSTRY NEWS

UAC of Nigeria plans to sell its investment in UPDC Hotels (UHL)

READ MORE
INDUSTRY NEWS

2014 Performance of Construction/Real Estate Equities

READ MORE
INDUSTRY NEWS

Listed Market Update: UPDC REIT & U-Homes REIT Financial Statements

READ MORE

Access the data you need now

It's free to sign up! Check out reports, the directory and interactive dashboards.

Sign up for free