Jadwa REIT Saudi seeks to generate SAR 129.96 million in leasing income throughout 2018, from which to distribute up to 90 percent, the fund manager said in the listing memo.
This sum will make up a total return of 8.39 percent on initial assets, and a net return of 7.3 percent for the first year of trading.
The fund, which is being floated on the Saudi stock market till Jan. 23, said capital gains from disposal of constituent assets will be retained for expansion purposes, rather than distributed to unit-holders.
The fund has a size of SAR 1.58 billion and is offering only SAR 474 million worth of assets.
|
Return on Assets (Estimate) |
||||
|
Year |
Net leasing (SAR mln) |
Return on initial assets* |
Yield* |
Net yield* |
|
2018 |
129.96 |
8.39% |
8.23% |
7.30% |
|
2019 |
130.32 |
8.41% |
8.25% |
7.32% |
|
2020 |
131.39 |
8.48% |
8.32% |
7.39% |
|
2021 |
131.87 |
8.52% |
8.35% |
7.42% |
|
2022 |
132.25 |
8.54% |
8.37% |
7.44% |
*Returns are calculated presuming that assets will be acquired before year end.
The fund's asset base comprises five properties, Marvela Compound, Al Maarefa College, Al Solay Warehouse, Al Yaum Newspaper Tower and Al Fanar Compound.
|
Lease Income |
||
|
Property |
Leasing Income (SAR mln) |
ROA (%) |
|
Marvela residential compound |
50.00 |
8.25% |
|
Al Maarefa College |
16.00 |
8.00% |
|
Al Solay Warehouse |
20.00 |
9.02% |
|
Al Yaum newspaper tower |
23.83 |
8.67% |
|
Al Fanar Compound |
20.13 |
8.25% |
|
Total |
129.96 |
8.40% |
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