Custodian Investment Plc has signed a binding agreement with UAC of Nigeria (UACN) Plc to acquire 51 per cent majority equity stake
The parties to the transaction said the agreement marks the beginning of a partnership between Custodian and UACN that will achieve both companies’ respective objectives in the real estate industry.It was also described as a significant milestone that aligned with UACN’s strategy to focus on its core businesses.
The completion of the sale is subject to regulatory approvals from the Nigerian Stock Exchange and the Federal Competition and Consumer Protection Commission. “It also immediately provides recurring cash flow visibility and attractive yields as a result of its direct exposure to Nigeria’s leading real estate investment trust with a track record of profitability and annual dividend distribution which offers a good compliment for our product portfolio,” Oshin said.
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