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The purpose of this paper is to examine the contribution of real estate to the performance of mixed-asset portfolio of Nigeria Pension Fund with a view to providing a guide on investment decision making for institutional investors and portfolio managers.

Data on capital value were collected from the quarterly and annual reports of Nigeria Pension Commission over a period of ten (2007–2016) years, and the data were analyzed using descriptive statistics.

The findings show that there is diversification benefit resulting from integrating real estate to other assets of the Nigeria Pension Fund, and that the fund’s portfolio performed better when real estate is integrated in the mixed-asset portfolio.

Investment portfolio managers can benefit from the findings of this study by making investment decisions that are performance-driven. The study will serve as a guide in making investment decisions on mixed-asset portfolio of institutional investors other than pension funds.

There is no known paper on the contribution of real estate in the performance of asset portfolio of the Nigeria Pension Fund.

The purpose of this paper is to identify drivers of investment performance of commercial property in Lagos with a view to preventing a rule of thumb approach to investments’ decisions.

Questions theoretically underpinned on factors influencing commercial property investment performance were designed and administered to 125 real estate practitioners in Lagos in order to weigh the factors influencing commercial property investment performance in five selected locations in Lagos. The responses were analyzed using the mean item score and the principal component analysis, and the most critical factors extracted.

Individual sub-markets reveal top factors common to each location as cost of building materials, location, quality of road infrastructure, rental growth and security. Findings across sub-markets reveal three critical set of factors. Condition of the premises; the second theme is a mixture of socio-cultural and legal framework; the third is also a mixture of socio-cultural, political and economic factors. Their factor loading’s are: 0.851, 0.828 and 0.805, respectively.

Investors, appraisers and property managers may benefit from the findings as they make better investment and management decisions. Also adopting modern construction methods will cut unnecessary cost incurred from wastage of building materials and open the door to private investors with limited capital.

This paper is the first to capture five different locations in Lagos. It goes beyond the study of Thontteh and Omirin (2014) which covered only one location. Thus, this study tends to present more reliable findings.