Nigeria's listed Real Estate Investment Trusts (REITs) and infrastructure funds delivered a mixed performance through the first five months of 2026, with just half of the eight tracked instruments recording positive year-to-date capital appreciation as of May 29. The remaining four instruments remained flat at their January 2 opening prices.
The eight vehicles — spanning real estate investment trusts and debt and infrastructure funds — hold a combined market capitalisation of roughly N497.30 billion on the Nigerian Exchange. By comparison, the NGX All-Share Index rose 60.90% over the same stretch, closing at 250,385.47 points from 155,613.03 at the start of the year.
**Top performers: UH REIT leads with 63.36% YTD return**
The UH Real Estate Investment Trust topped the ranking with a year-to-date return of 63.36%, closing at N84.70 per unit from N51.85. The fund surged 82.93% in January to N94.85 before pulling back sharply, declining 26.99% in February to N69.25. It stabilised with a 4.69% gain in March and rose 16.83% in May to N84.70. Its market capitalisation stood at N21.18 billion as of May 29. However, by June 19, the fund had declined 17.36% to N70.00, trimming its YTD return to 35.00% and market cap to N17.50 billion.
The UPDC Real Estate Investment Trust ranked second with a 57.25% YTD return, closing at N10.85 from N6.90. After gaining 29.71% in January, the fund declined through February and March before surging 44.67% in May. Its market capitalisation was N28.95 billion as of May 29, though it eased to N10.00 by June 19, cutting its YTD return to 44.93%.
The Chapel Hill Denham Nigeria Infrastructure Debt Fund placed third with a 12.17% YTD return, closing at N129 from N115. The fund edged up 0.35% in January, held flat through February, rose 9.19% in March, and climbed incrementally through April and May. Its market cap reached N154.41 billion as of May 29.
Rounding out the gainers, the Coronation Infrastructure Fund delivered a 10.00% YTD return, closing at N110 from N100. Its only price move came in February, after which it held that level through May. Its market capitalisation stood at N9.67 billion.
