How Nigeria’s REITs and infrastructure funds performed as of May

Nigeria’s listed Real Estate Investment Trusts (REITs) and infrastructure funds have delivered a mixed performance in 2026, with only four of the eight tracked instruments recording positive year-to-date capital appreciation as of May 29, 2026, while the remaining four have yet to move from their January opening prices.

The NGX All-Share Index rose 60.90% over the same period, closing at 250,385.47 points from 155,613.03 at the start of the year, providing a broader market backdrop against which the performance of these instruments can be assessed.

REITs and infrastructure funds can be explained as listed investment vehicles that allow investors to gain exposure to real estate and physical infrastructure assets without directly owning them.

REITs and infrastructure funds are generally designed to generate income through dividends, distributions, rental income, or interest payments, although investors may also benefit from capital appreciation.

Therefore, REITs typically invest in income-generating properties such as commercial buildings and housing estates, while infrastructure funds focus on long-term assets including roads, energy facilities, and debt instruments tied to infrastructure projects. Both trade on the Nigerian Exchange and offer an alternative to direct equity investment.

The eight instruments collectively hold a combined market capitalization of approximately N497.30 billion, spanning real estate investment trusts and debt and infrastructure funds across Nigeria’s alternative investment space.

What the data is saying

Four instruments have recorded zero price movement year-to-date as of May 29, 2026, unchanged from their January 2nd opening levels.

• The SFS Real Estate Investment Trust has remained flat at N418.75 per unit throughout the year, with its market capitalization unchanged at N8.38 billion.
• The Nigeria Real Estate Investment Trust Fund has also traded flat at N103 per unit, maintaining a market capitalization of N170.65 billion, the largest among the eight instruments tracked.
• The AVA Infrastructure Fund has held at N1,000,000 per unit, with market capitalization steady at N4.08 billion.
• The MOFI Real Estate Investment Fund has remained at N100 per unit, with market capitalization unchanged at N100.00 billion.

Below are the top-performing REITs and infrastructure funds by YTD return:

4. Coronation Infrastructure Fund (10.00%)

Rounding out the gainers is the Coronation Infrastructure Fund, with a year-to-date return of 10.00% as of May 29, 2026, closing at N110 from N100 at the start of the year.

The fund made its only price move of the year in February, rising 10.00% to N110, before holding that level through all subsequent months to May 29. Its market capitalization as of May 29 stood at N9.67 billion.

As of June 19, the fund continues to trade at N110, with both its year-to-date return and market capitalization unchanged.

3. Chapel Hill Denham Nigeria Infrastructure Debt Fund (12.17%)

The Chapel Hill Denham Nigeria Infrastructure Debt Fund ranks third among the gainers, with a year-to-date return of 12.17%, closing at N129 from N115 at the start of the year.

The fund moved steadily through the year. It edged up 0.35% in January to N115.40 before holding flat through February. March brought a stronger 9.19% gain to N126, followed by an incremental rise of 0.79% in April to N127 and 1.57% in May to N129. Its market capitalisation as of May 29 stood at N154.41 billion.

As of June 19, the fund continues to trade at N129, with both its year-to-date return and market capitalization unchanged.

2. UPDC Real Estate Investment Trust (57.25%)

The UPDC Real Estate Investment Trust ranks second with a year-to-date return of 57.25% as of May 29, 2026, closing at N10.85 from N6.90 at the start of the year.

The fund gained 29.71% in January to N8.95 before giving back some of those gains, declining 15.08% in February to N7.60 and a further 7.89% in March to N7.00. A partial recovery of 7.14% followed in April to N7.50, before May delivered the most significant move of the year, surging 44.67% to N10.85, its highest level of the period. Its market capitalization as of May 29 stood at N28.95 billion.

As of June 19, the fund has eased 7.83% from its May close to N10.00, trimming its year-to-date return to 44.93% and its market capitalization to N26.68 billion.

1. UH Real Estate Investment Trust (63.36%)

Leading the ranking is the UH Real Estate Investment Trust, with a year-to-date return of 63.36% as of May 29, 2026, closing at N84.70 from N51.85 at the start of the year.

The fund had a dramatic start to the year, surging 82.93% in January to N94.85, its peak for the period, before pulling back sharply, declining 26.99% in February to N69.25. Prices stabilized in March with a modest 4.69% gain to N72.50, holding flat through April, before May brought a 16.83% rebound to N84.70. Its market capitalization as of May 29 stood at N21.18 billion.

As of June 19, the fund has given back a significant portion of its May gains, declining 17.36% to N70.00, reducing its year-to-date return to 35.00% and its market capitalization to N17.50 billion.