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.