SEDCO Capital REIT launched its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) on Jan. 24, and the offering will run for 14 days until Feb. 6.
The fund’s asset base will comprise seven real estate assets worth SAR 565 million, located in Riyadh and Jeddah. Assets include offices, residential units, hotels, and retail space.
The fund manager will run these assets for around six years. The acquisition deals were concluded between 2011 and 2014, at a preliminary portfolio value of SAR 541.8 million.
|
Property Description |
||||||
|
Description |
Location |
Segment |
Occupancy rate (%) |
Space (000’ m²) |
Building area (000’ m²) |
Leasing Term (year)* |
|
Al Hayat Hotel Tower |
Riyadh |
Hotel |
100.0% |
1,494.75 |
6,574 |
6.11 |
|
Hyper Panda Jeddah - Al Henaki |
Jeddah |
Commercial |
100.0% |
13,685 |
5,858 |
10.2 |
|
Hyper Panda Riyadh - Ishbiliyah |
Riyadh |
Commercial |
100.0% |
23,604 |
10,784 |
10.6 |
|
Public Prosecution building |
Jeddah |
Offices |
100.0% |
4,767.25 |
14,574.81 |
1.3 |
|
Aljazeera residential complex |
Riyadh |
Residential |
94.1% |
20,758 |
10,730 |
0.6 |
|
Al Rawdah Business Center |
Jeddah |
Commercial, Offices |
93.2% |
2,462 |
13,335 |
1.2 |
|
Khalidiya Business Center |
Jeddah |
Commercial, Offices |
86.8% |
7,903 |
19,671.29 |
2.9 |
|
Total |
|
|
|
74,674 |
81,527 |
|
The fund's assets will be assessed semiannually, by accredited assessors from Saudi Authority for Accredited Valuers (Taqeem). The initial valuation was conducted by Knight Frank and Jones Lang LaSalle.
Last month, Saudi Arabia’s Capital Market Authority (CMA) approved Saudi Economic and Development Securities Co.’s request to offer, register, and list units of SEDCO Capital REIT on Tadawul.
|
Asset Valuation |
||||
|
Property |
Knight Frank |
Jones Lang LaSalle |
Average |
Purchase price |
|
Al Hayat Hotel Tower |
39.70 |
42.82 |
41.26 |
41.26 |
|
Hyper Panda - Jeddah Al Henaki |
39.90 |
38.70 |
39.30 |
39.30 |
|
Hyper Panda Riyadh - Ishbiliyah |
80.00 |
77.53 |
78.77 |
78.77 |
|
Public Prosecution |
61.60 |
64.43 |
63.02 |
63.02 |
|
Aljazeera residential complex |
65.40 |
69.53 |
67.47 |
67.47 |
|
Al Rawdah Business Center |
123.17 |
129.82 |
126.50 |
126.50 |
|
Khalidiya Business Center |
154.60 |
142.69 |
148.65 |
148.65 |
|
Total |
564.37 |
565.52 |
564.95 |
564.95 |
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