The sum of N217.58 billion has been infused into the real estate sector by the Pension Fund Administrators, as disclosed by the National Pension Commission (PenCom), for the month of September 2020.
This disclosure by the commission was contained in its Q3 report for 2020, adding that infrastructure got a total of N54 billion.
The commission stated that lands upon which any real estate investment is located will be owned by the CPFA/AES, and that it can be acquired either by “outright purchase or a leasehold agreement”.
It stated, “The parcel of land upon which any direct real estate investment is situated shall be fully owned by the CPFA/AES, either by outright purchase or a leasehold agreement.
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“Where a CPFA/AES is a DBS, it shall be fully funded based on the latest actuarial valuation report at the time of purchase or commencement of development of the property.
“Any actuarially determined deficit must be met within the 90 days prescribed by the Pension Reform Act or under a funding arrangement as may be approved by the commission.
“The value of the property at purchase or estimated cost to completion shall be such that the total exposure of the fund would still be within the portfolio limit stated in the internal investment guidelines/policy of the CPFA/AES, approved by the commission.”
