Swicorp Wabel REIT to debut on Tadawul today

Swicorp Wabel REIT - Details

Fund name

Swicorp Wabel REIT

Fund Manager

Swicorp Co.

Investment Goals

- The fund invests in developed, income-generating real estate assets. It plans to distribute at least 90 percent of its income to unit holders.

- The fund will invest a minimum of 75 percent of its assets in developed properties that generate regular rental income.

- It will not invest in white land.

Fund term

99 years from the listing date, renewable upon obtaining CMA approval

Target assets

Four malls in Riyadh, Tabuk, Hafr Al-Batin and Dawadmi

Fund size

SAR 1.18 billion

Subscription fee

1% of subscription amount per investor (including VAT)

Swicorp Wabel REIT – Assets Details*

Number of targeted assets and usufruct contracts

4 properties

Number of targeted assets to be owned

3 properties

Number of targeted usufruct contracts

1 property

Fully developed assets

4 properties

Ratio of income-generating assets to total assets

100%

Total cost of purchasing assets (excluding usufruct contract)

SAR 1.013 bln

Total cost of usufruct contract

SAR 166.8 mln

Fund size

SAR 1.18 bln

Total rental income of targeted assets (12 months 2018)

SAR 101.9 mln

Total building areas of properties excluding the usufruct property

192,500 sqm

Total building area of the usufruct property

37,300 sqm

Total occupancy rate of rental area

96.38%

Usufruct contract/total fund size

14%

Details of Properties

Property

Purchasing value (SAR mln)

Gross rental value (SAR mln)

Net rental value (SAR mln)

Gross return

Net return

Al Makan Mall-Hafr Al Baten

470.2

52.6

42.8

11.20 %

9.10 %

Al Makan Mall-Riyadh

323.6

24.2

19.9

7.49 %

6.16 %

Al Makan Mall-Tabuk

219.4

21.8

17.8

9.92 %

8.12 %

Al Makan Mall-Al Dawadmi

166.8

27.0

21.4

16.21%

12.82 %

Performance of Saudi REITs Since Listing

REIT

Fund Size

(SAR mln)

Listing Price (SAR)

Closing as of Aug. 5 (SAR)

Variation

Aljazira REIT

118.0

10.00

13.84

+38%

Taleem REIT

285.0

10.00

10.46

+5%

Jadwa Saudi

1,580.0

10.00

9.00

(10%)

Riyad REIT

1,633.0

10.00

8.70

(13%)

Al Rajhi REIT

1,621.9

10.00

8.65

(14%)

Bonyan REIT

1,628.8

10.00

8.60

(14%)

Jadwa Al Haramain

660.0

10.00

8.59

(14%)

Musharaka REIT

880.0

10.00

8.57

(14%)

AlAhli REIT (1)

1,375.0

10.00

8.54

(15%)

Derayah REIT

1,172.0

10.00

8.10

(19%)

Mulkia REIT

600.0

10.00

8.00

(20%)

SEDCO Capital REIT

650.0

10.00

7.98

(20%)

Masha’ar REIT

572.4

10.00

7.75

(23%)

Al Ma’athar REIT

613.7

10.00

7.70

(23%)

Swicorp Wabel REIT

1,180.0

10.00

--

--