The arrangers of Hal- dane McCall Real Estate Investment Trust (HMK REIT) have announced the ex- tension of the initial public offering (IPO) to January 28, 2015 as against the ear- lier deadline of January 14, 2015.
The extension, which followed the approval granted by the Securities and Exchange Commission (SEC), was to afford inter- ested investors the oppor- tunity to invest in the REIT. Other reason was to make up for the public holi- days declared during the festive seasons.
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According to Olumay- owa Ogunwemimo, manag- ing director of FSDH Asset Management Ltd, the fund manager, the HMT REIT presents an opportunity to discerning investors to balance their investment portfolio and partake in sta- ble and consistent stream of real estate income which a REIT provides as 90 percent of income is distributed an- nually. HMK REIT is offering 2,600,000,000 units at N5.15 per unit valued at N13.39 billion with a mini- mum purchase of 10,000 units and multiples of 2,000 thereafter to the investing public via an initial public offering (IPO). The proceeds of the offer will be used principally for the acquisition of a diverse portfolio of residential and commercial properties lo- cated in GRA, Ikeja, Ikeja Central Business district and Ikoyi, respectively.
