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.
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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 % |
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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