The Law and Practice of Real Estate Investment Trusts
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Real estate is essentially a financing game. Understanding this fundamental fact underscores the necessity for the development of robust structures such as REITS for capital mobilization for real estate. This book is divided into ten chapters.
Chapter 1- REITS: Definition and Forms. REITs are regulated investment vehicles created to own and manage income generating properties on a medium to long term basis. The classification of REITS in the book is based on the Author’s unique groping model as follows: Investment Categories – Equity REITS, Mortgage REITS and Hybrid REITS; Nature of Assets – Income (I) REITS, Development (D) REITS and Islamic REITS. (Is-REITS); Operational Framework – Open-Ended REITs and Close-Ended REITS; Corporate Structure – UpREITS, DownREITS and DOT REITS; Trading Mechanisms – Publicly traded REITS, Public non-traded REITS and Private REITS Sector Focus – Office REITS, Retail REITS, Health Care REITS, Industrial REITS, Residential REITS, Infrastructure REITS and Specialty REITS, Other Classes – Finite-Life REITs and Blind Pool REITs. REITS and other real estate investment vehicles compared – Joint Ventures, Bonds and Stocks.
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About the author.
“Hakeem Ogunniran is a leading thought leader on African real estate structuring, funding and delivery and has been described as having a ‘unique understanding of the connection between financial models, capital markets and brick and mortar all within the context of Africa’s complex and challenging operating environment’. He possesses extensive experience in capital raising, having led five major capital raises including the floatation of a Real Estate Investment Trust over an eight-year period.
A frequent speaker at international conferences, seminars and retreats, he was the Lead Speaker for Africa at the 1st International Conference on Corporate Governance at Shanghai, China, in May 2010. Ogunniran is the Founder and Chief Executive Officer of Eximia Realty Co Ltd, Home for Me Nigeria Ltd, Mercury Nominees Investments Ltd and Maestro Property Solutions Ltd. He is also the Non-Executive Chairman of the Board of Directors of Lagos Building Investment Co. Plc and a Non-Executive Director of a few other companies.
He retired from UAC of Nigeria Plc in 2018 having served as the Managing Director of UACN Property Development Co. Plc (UPDC) from 2010–2018 and Managing Director of MDS Logistics (a Division of UAC of Nigeria PLC) between 2000–2010. Prior to his illustrious stint with UACN, he was at various times a Law Lecturer, Company Secretary/Legal Adviser, Sales/Marketing Manager and Corporate Planning Manager. He was named one of the top 20 CEOs of the Listed Companies on the Nigerian Stock Exchange for 2013.
978-97894085 4 &978-9789408511
University Pres PLC