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.
**Four instruments record zero price movement**
The SFS Real Estate Investment Trust remained flat at N418.75 per unit, with market capitalisation unchanged at N8.38 billion. The Nigeria Real Estate Investment Trust Fund, the largest by market cap at N170.65 billion, traded flat at N103 per unit. The AVA Infrastructure Fund held at N1,000,000 per unit with a market cap of N4.08 billion, while the MOFI Real Estate Investment Fund remained at N100 per unit with a market cap of N100.00 billion.
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 offer an alternative to direct equity investment on the Nigerian Exchange.
