Mulkia REIT discloses occupancy rates of assets

19/04/2018 Argaam

Mulkia Gulf Real Estate REIT Fund has released its quarterly report detailing occupancy rates across its various assets in the first three months of 2018.

 

Occupancy rate in the Industrial Commercial Technology Complex, Al Faisaliah, stood at 83 percent in Q1 2018, compared to 100 percent during the offering.  The complex’s annual rent is SAR 10 million.

 

Meanwhile, the Al Yasmeen residential building’s occupancy rate reached zero, versus 100 percent, due to maintenance works. The building’s annual rent is valued at SAR 1.45 million.

 

During Q1, Mulkia Investment acquired Vivenda Villas, with an occupancy rate of 100 percent.

 

Mulkia Gulf Real Estate REIT Fund’s Assets

Property

West Avenue

Industrial Commercial Technology Complex

Dinar Commercial Building, Jeddah

Vivenda Villas*

Al Yasmeen residential building

District

Al Faisaliya

Dammam 

Al Faisaliya

Riyadh

Al Zahraa

Jeddah

Al Hoda

Riyadh

Al Yasmeen

Riyadh

Acquisition value (SAR mln)

309.00

121.50

124.47

95.00

18.68

Tenant

Gulf Real Estate

Abdullatif Alissa Automotive Company (AACO)

Saba

Properties

Furas Development & Investment

Almarai (Previously)

Duration of primary tenancy contract (years)

20

5

7

20

Vacant – under maintenance

Project units

Stores

Blocss

Stores andoffices

Villas

41 residential units

Area (‘000 sqm)

57.00

45.75

4.76

10.00

2.31

BUA (1000 sqm)

56.00

36.55

14.90

7.20

5.30

Annual rent (SAR mln)

24.72

10.03

9.96

8.31

1.45

Lease returns

8%

8.3 %

%

8.75 %

7.8%

Occupancy rate in Q1 2018

100 %

83% 

100% 

100 %

0% 

Occupancy rate at offering

100 %

100% 

100% 

--

100% 

*Acquired in Q1 2018 

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