AlAhli REIT Fund (1) is targeting leasing revenues of SAR 105.12 million in 2018, and aims to achieve a 7.64 percent gross return on equity (RoE) and a net return of 6.5 percent, NCB Capital said in the prospectus.
The first dividends to be distributed to unit holders will be based on financial statements for the period ending June 2018, it added.
The following table shows the target RoE for the REIT’s first five years at a unit price of SAR 10:
|
AlAhli REIT’s Total Targeted Returns (SAR mln) |
|||
|
Period |
Total Leasing Returns |
Total Return Targeted |
Net Return Targeted |
|
2018 |
105.12 |
7.64 % |
6.5 % |
|
2019 |
114.47 |
8.32 % |
7.2 % |
|
2020 |
119.69 |
8.70 % |
7.5 % |
|
2021 |
123.21 |
8.96 % |
7.8 % |
|
2022 |
127.00 |
9.24 % |
8.1 % |
The fund plans to acquire the Alandalus Mall and the adjacent five-star Staybridge Suites Jeddah Alandalus Mall.
AlAhli REIT Fund's (1) initial public offering (IPO) was launched on Tadawul on Dec. 6 and will run until Dec. 19.
The sharia-compliant REIT, which is expected to be largest REIT in terms of assets, has SAR 1.375 billion in capital. It is offering 41.25 million units to retail investors at a minimum subscription price of SAR 10 per unit.
|
Cash Flow of Targeted Assets |
||
|
Description |
Shopping Mall |
Hotel Tower |
|
Net Cash Flow (SAR mln) |
92.40 |
12.72 |
|
Occupancy Rate (%) |
99 % |
68.9 % |
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