There is no redemption facility. Until a secondary market opens, the realistic exit is the sale of the underlying asset at the end of its hold period, and hold periods run to years rather than months. Matching and settlement are built but not yet authorised for use. Treat anything you commit as tied up until the asset is sold.
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Risks & liquidity
This page is written to talk you out of committing money you cannot afford to leave committed. It is what we would want to read before funding an account at a platform we had only just found.
Five things that could cost you money
Each one names the risk, says what it would mean for you as an investor, and says what Shard does about it, including where the honest answer is that nothing can be done and you should price it in.
Every projection on this site rests on hypothetical rates. Nigerian property responds to interest rates, the naira, infrastructure delivery and local demand, and any of those can move against you. A valuation can settle below what you paid, and if it does, your shares are worth less than you paid for them.
Independent valuation on listingRental income is not a coupon. If a tenant defaults or vacates, income into the SPV falls and the distribution falls with it, possibly to nothing until the space is re-let. A reserve is retained from gross rent for precisely this. A reserve smooths a gap. It does not remove one.
Void reserve retainedDefective title documents, competing claims, family land disputes and undisclosed encumbrances are live hazards in Nigeria. The evidence and searches required depend on location and tenure. Diligence lowers that risk but does not eliminate it, and a later claim could delay or reduce returns.
Asset-specific title review requiredAn asset company can reduce commingling with Shard, but it has its own debts and legal risks. If a nominee is used, the statutory register may name the nominee while a separate ledger records your beneficial entitlement. You rely on those records being accurate and on administrators, nominees, banks and managers continuing to perform. A wind-down or replacement can delay access and cost money.
Documents and reconciled records matterGetting your money back
How a holding turns back into cash
Any approved income reaches you on the asset’s disclosed schedule. Your capital does not. Unless the offering provides another route, it stays committed until the asset is sold or repaid. The second tab is planned, not available today.
- Per assetRental distributionsAny approved share of available net income is credited on the schedule disclosed for the asset. A payment can vary, be delayed or be nil.
- Processing variesWithdrawing distributed cashCash already available may be withdrawn through a supported payout method, subject to verification, compliance review, provider availability and any lawful hold.
- End of holdSale of the assetThe SPV sells the property, proceeds are distributed by shareholding and the position closes. Target hold periods are stated on every listing and run to years.
Time horizon
Think in years, not months
Every asset carries a target hold period and it is measured in years. Committing money you expect to need inside that window is the most reliable way to have a poor experience here, even where the asset performs exactly as projected.
Keep your emergency reserve somewhere you can reach it. This is not that.
Diligence
What we check before an asset is listed
Before an approved offer opens, the diligence record should cover the property, vendor, valuation, physical condition, title and material encumbrances. The evidence required depends on the location and tenure; a Certificate of Occupancy is not the only possible form of title evidence.
Diligence lowers risk. No amount of it makes a property investment safe.
Who can invest
Identity checks are not optional
Investors must clear the identity, sanctions and other compliance checks required for the transaction. Verification helps prevent financial crime; it does not mean investors necessarily appear by name on the statutory register where a nominee structure is used.
Shares cannot pass to anyone who has not cleared the same checks.
Commit only what you can leave committed
Property rewards patience and punishes urgency. If the money has a job in the next few years, whether that is rent, school fees or a deposit, it does not belong in an illiquid asset however good the projection looks.
Nothing on this page is investment, legal or tax advice. Read each asset’s offering documents in full, and take independent advice if you are in any doubt.
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