All you need to know about REIT

The REIT Book is a comprehensive guide on real estate financing and investment

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A new trend in African real estate industry

Understand how REIT can improve real estate financing and grow Africa’s economy

The BOOK

The REIT book expounds the legal framework on REITs; hence, it serves as a resource guide to lawyers, professional advisers, capital market operators, students and researchers on securitisation and asset-backed securities. It also discusses the practice-related issues in order to appeal to a broader readership base.

Learn from a veteran

Leverage Hakeem’s over 3 decades of experience in REIT to guide you in real estate investment

ENDORSEMENTS

Kfir Rusin

CEO, African Property Investment Summit (The MIPIM of Africa), South Africa

“For a sector still in its infancy compared to global counterparts, Hakeem Ogunniran continues to lead the way in terms of pioneering thoughts for the industry and the continent … with his unique understanding of the connection between financial models, capital markets and brick and mortar all within the context of the continent’s complex and challenging operating environment. As international investors remain focused on matters closer to home in light of the current pandemic, the need for local institutional capital mobilization in African real estate is greater than ever and REITs provide the ultimate investment vehicle for their capital – thus making this manuscript ever so relevant and needed. I would like to congratulate Hakeem on his continued efforts in showcasing the opportunities in African real estate on the global stage. We look forward to many more years of his thought leadership.”

Eric Guichard

CEO, Homestring Diaspora Fund, UK (Offshore REIT Investor)

“Rarely does one come across and African professional with a continental perspective on his field of expertise. Hakeem Ogunniran is such a professional. In this expansive and unique study, Ogunniran seizes on the massive opportunity that Real Estate Investment Trusts (REITs) present to galvanize an undercapitalized sector of the African economy – namely property. In expert fashion he dissects the genesis and the applicability of REITs to account of the successful launch of Nigeria’s first REITs. Ogunniran offers a comparative analysis between African markets and lays out a roadmap to continental regulatory harmonization that will facilitate the mobilization of large-scale capital leading to solving among others, the persistent housing gap. Congratulations to Ogunniran for his perseverance, his professionalism, and his leadership in putting this timely resource together – particularly as the African Continental Free Trade Area (AfCFTA) takes shape.”

Oscar Onyema

CEO, Nigerian Stock Exchange

“The Nigerian Stock Exchange recognizes the massive potentials of REITS in capital mobilization, value creation, unlocking value in certain real estate assets and deepening our capital market. Hence, were have always support initiatives aimed at driving the growth of this critical asset class. I am delighted that Hakeem has taken the initiative to write this ground breaking book on The Law and Practice of REITS (With highlights of African REIT Regimes). By leveraging his legal knowledge, practical experiences in leading the floatation of a REIT and three other public issues, and deep involvement in the development of Africa REIT regimes, Hakeem has succeeded in developing a unique treatise on this aspect of capital market operations. The book is well-timed and all capital market participants – lawyers, stockbrokers, issuing houses, registrars, shareholder associations as well as academia and the investing public will find the book a very useful guide. Congratulations, Hakeem.”

Chief Emeka Ngige, SAN

(Ikemba N’Alor)
Chairman, Council of Legal Education

“This is a rather unique work, a strong affirmation of the author’s robust theoretical knowledge and vast practical experience on real estate development, management and investment. The depth of the author’s analysis of the origin, growth, global spread, legal structure and governance of Real Estate Investment Trusts (REITS) is remarkably creditable. In view of my distinct position on Legal Education in Nigeria, I was particularly enthused by the sections of the book dealing with the Tax Treatment of REITS and the author’s prognosis on the future drivers of REITS legislation including technology, risk management and corporate governance (ESG).”

Ify Umunnakwe-Okeke

Founder and CEO, Lexon Capital

“A thoroughly insightful book which analyses the concept, strategy and execution required when creating and launching a complex investment vehicle in a developing financial market. The author masterfully connects the dots, linking accessibility to investment instruments by all classes of investors, viability of the instruments and the regulatory and tax requirements for these instruments to the success of the financial markets and the real estate sector.

This book offers readers a complete view of the complex and varied aspects around REITs and tackles the drivers for a successful launch. This book has surely arrived at the right time. With the spike in real estate investments and projected economic recovery, maybe we can expect the launch of a new REITs.”

Prof. Timothy Gbenga Nubi

Director, Centre of Housing, University of Lagos

“At a time when many are comfortable with the status quo and are afraid of ploughing hitherto uncharted terrains, Ogunniran stood out as an apostle of “innovative thinking”. REIT is one of the time-tested derivative instruments that had been deployed in advanced economies to grow their housing finance system. Being a trailblazer does not come cheap especially in a highly corrupt economy that defies economics principles and where it is easier to pursue a wrong course than the right one. To pioneer the REIT development in Nigeria and use this long-term finance mechanism to fund several projects and persisted at working with financial regulators in Nigeria to remove bottlenecks that could hinder its evolution is highly commendable. This book deals with the evolution, challenges and prospects in Nigeria. It is a guide to Real Estate Developers who are in dare need of appropriate and affordable fund for their projects especially at a time of a global recession when investors are compelled to look inward to fund their projects.”

Adeniji Adele

President, FIABCI Nigeria

“Global trends in Real Estate Financing have shown that REITs (including REICOs and similar structures) are the best form of vehicles for raising long term funding for real estate development. Hence, the implementation of REITs with the active support of levels of government would bring a drastic shift in respect of the structure, performance, legal issues as well as investment opportunities in Nigeria’s Real Estate Sector. I congratulate Keem for writing this masterpiece – which will definitely be an invaluable resource for investors, financial planners, investment advisers and general real estate practitioners interested in REITS and allied asset classes”.

Available in the following bookshops:

Rovingheight
Lanterna
University of Ibadan Bookstores