SEDCO Capital REIT will start trading on Saudi Stock Exchange (Tadawul) today (Ticker 4344) under a daily price fluctuation of ten percent.
The fund’s initial public offering was 101 percent oversubscribed in February, with 74,000 investors subscripting to 65 million units, raising SAR 606 million.
The REIT is the sixth to be listed on Tadawul since the beginning of 2018 -- now the market has 13 REITs.
|
Fund Profile |
|
|
Fund |
SEDCO Capital REIT. Close-ended, Sharia-compliant |
|
Investment Objective |
The fund invests in income-generating, developed real estate assets |
|
Targeted assets |
Seven income-generating properties in Jeddah and Riyadh in the hotel, commercial, residential and office sectors |
|
Size |
SAR 650 mln |
|
Cash Dividend |
Semi-annual. Annual distribution of 90% of net income barring capital gains. |
|
Fund Manager |
SEDCO Capital |
|
Custodian |
Alinma Investment |
|
Subscription fees |
Subscription fee of 2% applies during the Offer period. |
|
Custodian fees |
One-time SAR 30,000 fee payable at the close of the Offer period. Annual fee of 0.04% from net assets. |
|
Management fees |
1% of net assets according to latest valuation. |
|
Performance fees |
If the Fund achieves returns above 7% per annum on nominal value, the fund manager shall receive 20% incentive fee for amounts exceeding 7%. |
The fund’s portfolio comprises seven income-generating properties in Riyadh and Jeddah, including hotels, offices, shopping malls, and residential and commercial unit.
Its target asset portfolio is valued at SAR 565 million, built over 81,530 square meters of licensed areas.
|
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 |
|
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 |
|
Out of the 12 REITs listed earlier on the Saudi stock market, ten saw the market price of their units dip below listing price. AlMasha’ar REIT, Mulkia Gulf REIT and Al Ma'ather REIT were the top losers.
While, Aljazira REIT and Taleem REIT posted gains of 49 percent and eight percent, respectively. More details in the table below:
|
Performance of Saudi-listed REITs |
||||
|
REIT |
Fund Size (SAR mn) |
Listing Price (SAR) |
Closing as of April 30, 2018 (SAR) |
Variation |
|
Aljazira REIT |
118.0 |
10.00 |
14.85 |
+49% |
|
Taleem REIT |
285.0 |
10.00 |
10.77 |
+8% |
|
Jadwa REIT |
1580.0 |
10.00 |
9.75 |
(3%) |
|
Al Rajhi REIT |
1621.9 |
10.00 |
9.04 |
(10%) |
|
Riyad REIT |
1633.0* |
10.00 |
9.00 |
(10%) |
|
Jadwa REIT Al Haramain |
660.0 |
10.00 |
8.76 |
(12%) |
|
AlAhli REIT (1) |
1375.0 |
10.00 |
8.70 |
(13%) |
|
Musharaka REIT |
880.0 |
10.00 |
8.54 |
(15%) |
|
Deraya REIT |
1172.0 |
10.00 |
8.13 |
(19%) |
|
Mulkia Gulf REIT |
600.0 |
10.00 |
8.04 |
(20%) |
|
Al Ma’athar REIT |
613.7 |
10.00 |
8.00 |
(20%) |
|
Al Masha’ar REIT |
572.4 |
10.00 |
8.01 |
(20%) |
|
SEDCO Capital REIT |
650.00 |
10.00 |
-- |
-- |
*The fund’s unit holders approved on March 18, a capita hike from SAR 500 mln to SAR 1.633 bln. 
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