NGX Admits Chapel Hill Denham’s N163.6bn NREIT 

Kayode Tokede

The Nigerian Exchange Limited (NGX), yesterday admitted Chapel Hill Denham Management listing by introduction of 1.59 billion units of its Nigeria Real Estate Investment Trust (NREIT) on the Main Board of the Exchange.

The listing of the N163.6 billion NREIT  is a major milestone in Nigeria’s property-backed securities market.

The listing represents one of the largest REIT admissions on the Exchange and marks a significant step in deepening real estate investment opportunities for institutional and retail investors.

The units were listed at N103 per unit, giving the fund an implied market value of N163.6 billion under the N400 billion NREIT Issuance Programme.

According to the NGX bulletin signed by the Head of Issuer Regulation, Godstime Iwenekhai, the listed fund carries the trading symbol NREIT, with ISIN NGCHDNREIT00, and will be traded under the name Nigeria Real Estate Investment Trust Fund.

The listing by introduction means that the units were not offered to the public at the time of listing but were admitted based on existing investor holdings and regulatory approvals under the N400 billion issuance programme.

The admission of the Chapel Hill Denham NREIT is expected to expand the depth of Nigeria’s alternative investment landscape at a time of rising appetite for income-generating assets.

The NREIT, structured to provide stable returns through diversified income from real estate assets, offers investors an opportunity to gain exposure to the property market. This is made possible without the high capital requirements and illiquidity associated with direct real estate ownership.

The NGX confirmed that the listing covers Series 1 to 4 of the programme, with a total of 1,588,617,222 units registered at a nominal value of N100 each but listed at a premium of N103.

Market analysts note that the listing could boost liquidity in the REITs segment of the market, which has seen renewed regulatory support and increased investor interest in 2025.

The listing comes at a time when investors are seeking inflation-protective assets, particularly in real estate—one of the strongest-performing alternative asset classes in 2025. Market watchers say the move reinforces the NGX’s push to attract more real estate-backed instruments and strengthen capital formation for property development across the country.

Investment experts also consider the NREIT listing significant for Chapel Hill Denham, which has been expanding its footprint in infrastructure, real estate, and alternative investment management.

With structured oversight involving leading trustees, custodians, and registrars, the NREIT is expected to provide transparency, governance, and liquidity—key elements institutional investors demand.