Derayah REIT Fund will start trading on Saudi Stock Exchange (Tadawul) today, under the symbol 4339 and daily price fluctuation limit of 10 percent.
The fund’s initial public offering (IPO), which took place in January, was 125 percent oversubscribed, drawing some 10,600 investors -- where 1,000 units were allocated to each investor, and remaining units allotted on a pro rata basis.
The fund is the fifth REIT entry to Tadawul in 2018. Fund details are indicated in the table below:
|
Fund Details |
|
|
Fund name |
Derayah REIT |
|
Fund manager |
Derayah Financial Corporation Company |
|
Fund size |
SAR 1.172 bln |
|
Assets |
15 properties in Riyadh, Jeddah, Dammam, Khobar, Jubail and Al-Ahsa |
|
Subscription fee |
2% deducted in advance. Paid one time to fund manager. |
|
Management fee |
0.85% annually of net asset value. Fund pays it semi-annually to fund manager. |
|
Custodian fee |
0.03% annually of net asset value. Paid semi-annually to the custodian with a maximum limit of SAR 120,000 per year. |
|
Fund term |
99 years from listing date. Renewable for a similar period based on the fund manager’s assessment and upon CMA’s approval. |
|
Dividend |
90% of annual returns - in quarterly installments. |
The fund's asset base comprises 15 real estate assets, including offices, residential units, warehouses, hotels and retail space, geographically dispersed across Riyadh, Dammam, Jeddah, Khobar, Jubail and Al-Ahsa.
|
Summary of Assets |
|
|
Description |
Number/value |
|
Total no. of properties & usufruct to be acquired |
15 |
|
No. of income generating properties |
14 |
|
No. of usufruct properties |
2 |
|
No. of properties under development |
1 |
|
Total value of constituent assets |
1,086.40 |
|
Total built-up Space (m²) |
235,443 |
The following table gives details of the properties that the fund manager plans to acquire:
|
Target Properties for Acquisitions (SAR mln) |
||||
|
Property |
Location |
Purchase Price |
Average Valuation |
Sector |
|
Smart Towers |
Riyadh |
263.50 |
264.03 |
Office & Retail |
|
Al Jubail Views residential compound |
Al Jubail |
145.50 |
152.80 |
Residential |
|
Al Mina warehouses complex |
Dammam |
130.00 |
129.00 |
Warehouses |
|
City Life Plaza |
Riyadh |
106.25 |
109.68 |
Retail |
|
Motoon Towers |
Riyadh |
98.00 |
100.86 |
Retail & Hotel |
|
Al Fanar commercial Complex |
Al Khobar |
60.60 |
64.59 |
Show rooms & warehouses |
|
The Grand (A) residential compound |
Dammam |
58.80 |
64.52 |
residential |
|
Al Wadi Warehouses |
Jeddah |
58.00 |
57.55 |
Warehouses & residential |
|
Al Seteen Trade Center |
Riyadh |
52.13 |
53.81 |
Office & commercial |
|
The Valley |
Al Ahsa |
39.50 |
40.00 |
Commercial |
|
The Grand (B) Commercial Complex |
Dammam |
31.25 |
31.94 |
Office |
|
Workers’ residence buildings |
Al Jubail |
24.27 |
27.52 |
Residential |
|
*City Walk Compound |
Riyadh |
10.50 |
11.10 |
Retail |
|
Workers’ residence buildings |
Dammam |
5.09 |
6.17 |
Residential |
|
Workers’ residence building |
Al Khobar |
3.01 |
3.59 |
Residential |
|
Total |
|
1,086.40 |
1,117.15 |
|
*The complex is a usufruct that terminates on February 28, 2021.
Below is a look at all REIT funds listed on Tadawul and their performance to date:
|
Performance of all listed REITs to date |
||||
|
REIT |
Fund size (SAR mln) |
Listing price (SAR) |
Closing price (March 25) |
Change |
|
Aljazira REIT |
118.0 |
10.00 |
16.32 |
%63 |
|
Taleem REIT |
285.0 |
10.00 |
11.76 |
18% |
|
Jadwa REIT Saudi |
1580.0 |
10.00 |
9.85 |
(%2) |
|
Jadwa REIT Al Haramin |
660.0 |
10.00 |
9.19 |
(%8) |
|
Al Rajhi REIT |
1621.9 |
10.00 |
9.17 |
(%8) |
|
Musharaka REIT |
880.0 |
10.00 |
9.07 |
(%9) |
|
Riyad REIT |
1633.0* |
10.00 |
9.02 |
(%10) |
|
AlAhli REIT (1) |
1375.0 |
10.00 |
8.87 |
(%11) |
|
Mulkia Gulf REIT |
600.0 |
10.00 |
8.49 |
(%15) |
|
Al Ma’athar REIT |
613.7 |
10.00 |
8.49 |
(%15) |
|
Al Masha’ar REIT |
572.4 |
10.00 |
8.48 |
(%15) |
|
Derayah REIT |
1172.0 |
10.00 |
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