Mulkia REIT discloses occupancy rates of assets

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 %	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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