Al Masha'ar REIT Fund started trading on the Saudi Stock Exchange (Tadawul) today, under the code 4337, with a daily price fluctuation limit of 10 percent per unit.
The fund’s initial public offering (IPO) was 100 percent covered in November.
Al Masha'ar REIT is a Sharia-compliant real estate investment traded fund with a target size of SAR 572.4 million.
It plans to pay a semi-annual dividend of no less than 90 percent of its annual net income.
Al Masha’ar is the ninth REIT trading on Tadawul, after Mulkia Gulf REIT, Musharaka REIT, Riyad REIT, Aljazira Mawten REIT, Jadwa REIT Al-Haramain Fund, Taleem REIT, Al Ma’athar REIT and AlAhli REIT Fund 1.
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Fund's Profile |
|
|
Fund |
Close ended, Sharia-compliant |
|
Investment objectives |
Invests in income-generating, developed real estate assets |
|
Size |
SAR 572.4 mln |
|
Subscription fee |
2% of subscription amount per investor |
|
Management fee |
1% from net asset value, payable on a quarterly basis |
|
Further financing |
The fund manager may obtain sharia-compliant financing, on the fund’s behalf, at 50 percent maximum of the fund’s total assets. |
|
Minimum Subscription |
SAR 10,000 |
|
Maximum Subscription |
SAR 28.6 mln |
|
Manager |
Muscat Capital |
|
Fund term |
99 years from the listing date, renewable upon obtaining the CMA approval |
|
Cash Dividend |
Semi-annual distributions. Annual dividend shall be no less than 90% of net income. |
|
Trading |
As usual REITs |
The fund has a number of properties on its target list, detailed in the following table:
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Target Acquisitions |
||||
|
Name |
Region |
Acquisition value (SAR mln) |
Total yield (SAR mln) |
Land area (sqm) |
|
Property 1: Hotel tower 4 |
Al Aziziyah, Makkah |
190.0 |
Never been operated |
1,288 |
|
Property 2: Hotel tower 5 |
Al-Shesha, Makkah |
182.4 |
18.7 |
1,395 |
|
Property 3: Hotel tower 6 |
Northern Azizia, Makkah |
200.0 |
Never been operated |
1,485 |
|
Target Returns |
|||
|
Year |
Rental returns (SAR mln) |
Gross targeted returns |
Net targeted returns |
|
2018 |
38.6 |
6.8 % |
5.3 % |
|
2019 |
38.6 |
6.8 % |
5.3 % |
|
2020 |
38.6 |
6.8 % |
5.3 % |
|
2021 |
38.6 |
6.8 % |
5.3 % |
|
2022 |
39.9 |
7.0 % |
5.5 % |
|
2023 |
42.5 |
7.4 % |
6.0 % |
|
2024 |
42.5 |
7.4 % |
6.0 % |
|
2025 |
42.5 |
7.4 % |
6.0 % |
|
2026 |
42.5 |
7.4 % |
6.0 % |
|
2027 |
43.9 |
7.7 % |
6.2 % |
|
2028 |
46.8 |
8.2 % |
6.7 % |
|
2029 |
46.8 |
8.2 % |
6.7 % |
|
2030 |
46.8 |
8.2 % |
6.7 % |
|
2031 |
46.8 |
8.2 % |
6.7 % |
|
2032 |
48.2 |
8.4 % |
7.0 % |
|
Average |
42.9 |
7.5 % |
6.0 % |
|
Performance of Peers |
||||
|
REIT |
Fund Size (SAR mn) |
Listing Price (SAR) |
Closing as of Jan. 17, 2018 (SAR) |
Change |
|
Aljazira REIT |
118.0 |
10.00 |
16.79 |
+68% |
|
Taleem REIT |
285.0 |
10.00 |
12.14 |
+28% |
|
Jadwa REIT Al Haramin |
660.0 |
10.00 |
10.13 |
+1% |
|
Musharaka REIT |
880.0 |
10.00 |
9.65 |
(3%) |
|
AlAhli REIT (1) |
1,375.0 |
10.00 |
9.58 |
(4%) |
|
Riyad REIT |
500.0 |
10.00 |
9.23 |
(8%) |
|
Al Ma’athar REIT |
613.7 |
10.00 |
9.04 |
(10%) |
|
Mulkia Gulf REIT |
600.0 |
10.00 |
9.05 |
(10%) |
|
Al Masha’ar REIT |
572.4 |
10.00 |
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