Jadwa REIT Saudi comprises 5 assets worth SAR 1.55 bln

04/01/2018 Argaam

Jadwa REIT Saudi Fund’s (Jadwa REIT Saudi) said its asset base comprises five real estate assets worth SAR 1.55 billion, located in Riyadh, Dammam and Al-Khobar.

 

The REIT is being floated on initial public offering (IPO) in Saudi stock market and subscription is open till Jan. 23. The fund targets a net return of 7.3 percent annually.

 

The fund's assets include offices, residential units, warehouses, hotels and retail space, the listing memo showed.

 

Property Description

Description

Location

Segment

Space (000’ m²)

Building area

(000’ m²)

Leasing Term

Marvela residential compound

Riyadh

Residential - Commercial

73.2

158.7

5

Al Maarefa College

Riyadh

Educational

18.1

41.8

20

Al Solay Warehouse

Riyadh

Warehouses, offices, shops

218.9

143.4

5

Al Yaum newspaper tower

Dammam

Commercial, offices

4.8

39.2

7

Al Fanar Compound

Al Khobar

Residential, Commercial

62.5

45.0

8 for residential, 5 for commercial

 

The fund's assets will be assessed semiannually, by accredited assessors from Saudi Authority for Accredited Valuers (Taqeem). Initial valuation was conducted by ValuStrat and White Cubes Co.

 

Asset Valuation

Property

ValuStrat

White Cubes

Average

Purchase price

Asset purchase price – average valuation (%)

Marvela residential compound

645.2

645.0

645.1

606.0

(6.1%)

Al Maarefa College

220.7

228.5

224.6

200.0

(11.0%)

Al Solay Warehouse

235.3

276.0

255.7

221.7

(13.3%)

Al Youm newspaper tower

288.9

318.0

303.5

275.0

(9.4%)

Al Fanar residential & Commercial Compound

259.7

268.3

264.0

243.9

(7.6%)

Total

1,649.8

1,735.8

1,692.8

1,546.6

(8.6%)

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