Alkhabeer Capital Co. announced that it intends to offer additional units (in kind and cash) in addition to additional financing to boost the total value of the fund to SAR 1.707 billion from SAR 984.7 million.
The company aims to acquire 3 real estate assets, including 2 educational institutions and 1 office, namely:
1) Elegance Tower: An office tower located on King Fahd street in Al Morouj district, Riyadh.
2) AlFarabi Colleges building: An educational property located on the Arab Sea road in Ishbilia compound, Riyadh.
3) Under-construction AlFarabi Colleges training building: An educational located on the Arab Sea road in Ishbilia compound, Riyadh.
|
Real Estate Assets in Detail |
|||
|
Asset |
Acquisition Value (SAR mln) |
Net Rent Value (SAR mln) |
Net Return (%) |
|
Elegance Tower |
424.35 |
29.79 |
7.02% |
|
AlFarabi Colleges building |
215.25 |
15.90 |
7.38% |
|
AlFarabi Colleges training building |
66.63 |
6.47 |
9.71% |
|
Total* |
706.23 |
52.16 |
7.39% |
|
|
Property’s Type |
Status |
Building area (,000 sqm) |
|
Elegance Tower |
Office |
Developed |
58.28 |
|
AlFarabi Colleges building |
Educational |
Developed |
44.11 |
|
AlFarabi Colleges training building |
Educational |
Under-construction |
48.77** |
* Without Pursuit Costs.
** According to the license, one of the permitted basement floors was not developed, with a total area of the deleted floor 11,3000 square meters. Thus, the area becomes 37,450 square meters.
|
Fund’s Properties |
|
|
Elegance Tower |
|
|
Location |
Al Morouj district, Riyadh |
|
Use |
Office |
|
No. of Floors |
27 floors + 5 car parking floors for 720 cars |
|
Land Area |
5,695 sqm |
|
Building Area |
58,280 sqm |
|
Components |
18 buildings include 290 furnished units |
|
Building Age |
2.5 years |
|
Acquisition Value |
SAR 414 mln |
|
Acquisition Value (Including Pursuit Costs & Without VAT) |
SAR 424.35 mln |
|
Acquisition’s Details |
|
|
Annual Rent after Insurance’s Deduction |
SAR 29.79 mln |
|
Rent Starting Date & Contract Term |
5 binding-years starting from the date of transferring the property ownership |
|
AlFarabi Colleges Building |
|
|
Location |
Ishbilia compound, Riyadh |
|
Use |
Educational |
|
No. of Floors |
5 floors (1 basement, 1 ground, 2 floors, & a car park with a capacity of 352 cars) |
|
Land Area |
17,000 sqm |
|
Building Area |
44,110 sqm |
|
Building Age |
9 years |
|
Acquisition Value |
SAR 210 mln |
|
Acquisition Value (Including Pursuit Fees & Without VAT) |
SAR 215.25 mln |
|
Acquisition’s Details |
|
|
Annual Rent after Insurance’s Deduction |
SAR 15.89 mln |
|
Rent Starting Date & Contract Term |
25 binding-years |
|
AlFarabi Colleges Training Building |
|
|
Location |
Ishbilia compound, Riyadh |
|
Use |
Educational |
|
No. of Floors |
4 floors (1 basement, 1 ground, & 2 floors) |
|
Land Area |
11,340 sqm |
|
Building Area |
48,770 sqm (According to the license, one of the permitted basement floors was not developed, with a total area of the deleted floor 11,3000 sqm. Thus, the area becomes 37,450 sqm.) |
|
Building Age |
Under-Construction |
|
Acquisition Value |
SAR 65 mln |
|
Acquisition Value (Including Pursuit Fees & Without VAT) |
SAR 66.63 mln |
|
Acquisition’s Details |
SAR 32.5 million by registering investment units in the fund in favor of Al Maqsad Real Estate Co. |
|
Annual Rent after Insurance’s Deduction |
SAR 6.47 mln |
|
Rent Starting Date & Contract Term |
25 binding-years |
|
Current Properties |
|
|
Al Malga Compound |
|
|
Location |
Al Malga, Riyadh |
|
Use |
Residential |
|
Land Area |
15,925 SQM |
|
Building Area |
41,361 SQM |
|
Number of Floors |
3 floors+ an attachment |
|
Acquisition Cost |
SAR 314 mln |
|
Gallery Mall |
|
|
Location |
Al Salehiyah, Tabuk |
|
Use |
Retail |
|
Land Area |
41,630 SQM |
|
Building Area |
43,625 SQM |
|
Number of Floors |
A basement & 2 floors |
|
Acquisition Cost |
SAR 155 mln |
|
Annual Rent |
SAR 22.96 mln |
|
Plazo Center |
|
|
Location |
Al Sulaimaniyah, Riyadh |
|
Use |
Retail |
|
Land Area |
6,050 SQM |
|
Building Area |
5,819 SQM |
|
Number of Floors |
2 |
|
Acquisition Cost |
SAR 93.30 |
|
Annual Rent |
SAR 8.07 mln |
|
Home Works |
|
|
Location |
King Fahd, Riyadh |
|
Use |
Retail |
|
Land Area |
7,000 SQM |
|
Building Area |
9,181 SQM |
|
Number of Floors |
One floor and a basement |
|
Acquisition Cost |
SAR 78 mln |
|
Annual Rent |
SAR 6 mln increasing SAR 250,000 every 5 years |
|
Ahlan Court |
|
|
Location |
Al Andalus, Jeddah |
|
Use |
Retail |
|
Land Area |
4,342 SQM |
|
Building Area |
2,758 SQM |
|
Number of Floors |
2 |
|
Acquisition Cost |
SAR 70 mln |
|
Occupancy Rate |
100% |
|
Annual Rent |
SAR 7 mln paid on semi-annual installments, increasing 5% every 5 years |
|
Bin 2 Commercial Center |
|
|
Location |
Al Amwaj, Jeddah |
|
Use |
Retail/office |
|
Land Area |
20,642 SQM |
|
Building Area |
21,305 SQM |
|
Number of Floors |
3 |
|
Acquisition Cost |
SAR 90 mln |
|
Annual Rent |
SAR 9 mln paid on semi-annual installments, increasing 5% every 5 years |
|
Elite Commercial Center |
|
|
Location |
Al Andalus, Jeddah |
|
Use |
Retail/office |
|
Land Area |
4,320 SQM |
|
Building Area |
15,712 SQM |
|
Number of Floors |
5 floors |
|
Building Age |
5 years |
|
Acquisition Cost |
SAR 160 mln |
|
Annual Rent |
SAR 16 mln paid on semi-annual installments, increasing 5% every 5 years |
Alkhabeer REIT Fund has 10 real estate assets divided into 4 retail, 2 multi-use, 1 residential, 1 office, and 2 educational.
|
Real Estate Assets in Detail |
|||
|
Asset |
Acquisition Value (SAR mln) |
Net Rent Value (SAR mln) |
Net Return (%) |
|
Current Assets |
|||
|
Al Malga Compound |
314.0 |
7.99 |
2.55% |
|
Gallery Mall |
155.0 |
21.92 |
14.15% |
|
Plazo Center |
93.3 |
7.63 |
8.18% |
|
Home Works |
78.0 |
6.14 |
7.88% |
|
Ahlan Court |
70.0 |
7.18 |
10.25% |
|
Bin 2 Commercial Center |
90.0 |
9.22 |
10.24% |
|
Elite Commercial Center |
160.0 |
16.40 |
10.25% |
|
Total Current Assets |
960.3 |
76.49 |
10.25% |
|
Newly Assets |
|||
|
Elegance Tower |
424.35 |
29.79 |
7.02% |
|
Alfarabi Colleges Building |
215.25 |
15.90 |
7.38% |
|
Alfarabi Colleges Training Building |
66.63 |
6.47 |
9.71% |
|
Total Target/ New Assets |
706.23 |
52.16 |
7.39% |
|
Total Current & Target/New Assets |
1666.53 |
128.65 |
7.72% |
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