From Land to Housing: The Business Behind MKH Properties
Real estate is often described in terms of the finished product.
The house. The estate. The shopping complex. The plot of land.
But before any of those things exist, a business works behind the scenes to acquire land, secure approvals, develop infrastructure, construct properties, and find buyers.
That is the business MKH Properties Limited has been building in Lagos and Ibadan since 2021.
The Nigerian real estate company has grown from a relatively young developer into a business with more than ₦26 billion in total assets, multiple completed developments and a growing pipeline of residential and commercial projects.
Now, investors on AssetBase can invest in the company's Series 1 Commercial Paper, offering a 25.0001% annual implied yield over 364 days.
Building More Than Houses
MKH Properties operates across the property development value chain.
The company acquires land, handles planning and design, develops properties and manages sales and marketing. Its offerings range from serviced plots to completed homes, gated communities and commercial developments.
Its customers include individual homebuyers, corporate organisations, diaspora investors and institutional clients.
The company has already delivered developments including Dariann Court, Cecilia Homes Apartment and Kiki's Court, while its current pipeline includes MKH City, Sunstone City, Chelmsford City and The Wealthy Place across Lagos and Ibadan.
Together, these projects represent a development pipeline with a total project cost of approximately ₦16.55 billion.
A Business Growing Quickly
MKH's financial growth has been significant.
Revenue increased from ₦1.01 billion in 2021 to ₦16.72 billion in 2025, representing a compound annual growth rate of approximately 101.7%.
Profit has grown alongside that expansion. In FY2025, the company generated ₦6.60 billion in profit before tax and ₦5.11 billion in profit after tax.
The momentum has continued into 2026.
For the seven months ended July 2026, MKH recorded ₦9.07 billion in revenue, ₦4.4 billion in gross profit and ₦2.51 billion in profit after tax.
At the end of July, total assets stood at ₦26.72 billion, while shareholders' equity had grown to ₦12.75 billion.
Turning Land Into a Pipeline
For a property developer, growth ultimately depends on having projects to sell.
MKH has continued to expand its land bank and development pipeline, including the recent acquisition of 50 hectares of land for residential development.
Its current projects include serviced plots, residential units and commercial spaces across Lagos and Ibadan.
The company has also raised more than ₦6 billion through structured bank facilities, including facilities from Keystone Bank and Lotus Bank, to support its development activities.
The latest Commercial Paper will provide another source of working capital for the business.
Where the Commercial Paper Fits
Property development requires capital before revenue is realised.
Developers need to acquire land, fund construction, provide infrastructure and complete projects before receiving the full proceeds from sales.
MKH intends to use proceeds from its Series 1 Commercial Paper to finance its short-term working capital requirements, supporting projects already in its development pipeline.
The issuance forms part of MKH's ₦30 billion Commercial Paper Programme, with the Series 1 issuance valued at ₦10 billion.
A Rated Real Estate Business
MKH Properties has received a BBB+ long-term rating and A2 short-term rating from DataPro, both with a Stable outlook.
DataPro's assessment points to the company's revenue profile, liquidity and capitalisation as factors supporting its credit profile.
For investors, the rating provides an independent assessment of the company's ability to meet its financial commitments.
Why Consider the MKH Commercial Paper?
Strong Revenue Growth
MKH's revenue grew from ₦1.01 billion in 2021 to ₦16.72 billion in 2025, reflecting rapid expansion across its property business.
Attractive Fixed-Income Return
The Commercial Paper offers a 25.0001% annual implied yield over a 364-day tenor.
Visible Development Pipeline
The company has multiple active projects across Lagos and Ibadan, with a combined project cost of approximately ₦16.55 billion.
Growing Asset Base
Total assets reached ₦26.72 billion as of July 2026, including an investment-property portfolio valued at approximately ₦13 billion.
Investment-Grade Rating
MKH holds a BBB+ long-term and A2 short-term rating from DataPro, both with a Stable outlook.
Key Investment Details
Asset: MKH Properties Series 1 Commercial Paper
Asset Class: Debt (Commercial Paper)
Issuer: MKH Properties Limited
AssetBase Allocation: ₦50 million
Annual Implied Yield: 25.0001%
Tenor: 364 days
Minimum Subscription: ₦100,000
Offer Period: 18–23 September 2026
Settlement Date: 24 September 2026
Maturity Date: 23 September 2027
Series: Series 1
Issuer Rating: BBB+ / A2, Stable, by DataPro Limited
Final Thoughts
MKH's story is ultimately about converting land into productive assets.
The company has built a business around acquiring land, developing communities and commercial properties, and creating payment structures that make those properties accessible to different categories of buyers.
Its rapid revenue growth, expanding asset base and visible development pipeline point to a business that is still scaling.
Through this Commercial Paper, investors can participate in the company's short-term funding cycle while earning a fixed return over 364 days.
As with any investment, prospective investors should review the offer documents carefully and consider the risks before subscribing.
Invest in the MKH Properties Series 1 Commercial Paper on AssetBase.
