Dipo Olowookere
By Modupe Gbadeyanka
The management of Skye Shelter Fund has announced changing the name of the company into a new one to reflect the new direction the company is heading towards.
Skye Shelter Fund is a Real Estate Investment Trust (REIT) which promoted by the defunct Skye Bank Plc, which now operates as Polaris Bank after the Central Bank of Nigeria (CBN) revoked its operating licence in September 2018 and was eventually delisted on the Nigerian Stock Exchange (NSE) in 2019.
In a notice to the exchange, the management said it was changing the name of Skye Shelter Fund to SFS Real Estate Investment Trust.
In addition, it was stated that the trading symbol of the company on the exchange was also changing from SKYESHELT to SFSREIT.
“Dealing members are hereby notified that the name of Skye Shelter Fund has been changed to SFS Real Estate Investment Trust (SFS REIT).
“In addition, the fund’s trading symbol was also changed from SKYESHELT to SFSREIT.
“The change of name and symbol were implemented by the Nigerian Stock Exchange and the Central Securities Clearing System on Friday, January 31, 2020.
“The changes were in compliance with the unit holder’s resolution of October 25, 2019 authorising the change of name of the fund,” a circular from the exchange said.
Skye Shelter Fund Plc is a close-ended REIT in Nigeria which pools funds for the primary purpose of investing in income-generating real estate, including residential homes, residential apartments, office blocks, shopping malls and warehouses.
The fund managers are dedicated to developing and/or acquiring high-quality stock of properties in select locations in Nigeria. They also make opportunist investments in joint venture developments in partnership with reputable developers.
Typically, the Skye Shelter Fund invests 75 percent in real estate and 25 percent is invested in real estate related investments such as mortgages, real estate backed securities and real estate related equities. This portion includes a 10 percent allocation to cash for liquidity purposes.
