Here’s a look at SEDCO Capital REIT’s Saudi assets

28/01/2018 Argaam

 

SEDCO Capital REIT launched its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) on Jan. 24, and the offering will run for 14 days until Feb. 6.

 

The fund’s asset base will comprise seven real estate assets worth SAR 565 million, located in Riyadh and Jeddah. Assets include offices, residential units, hotels, and retail space.

 

The fund manager will run these assets for around six years. The acquisition deals were concluded between 2011 and 2014, at a preliminary portfolio value of SAR 541.8 million.

 

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

 

 

The fund's assets will be assessed semiannually, by accredited assessors from Saudi Authority for Accredited Valuers (Taqeem). The initial valuation was conducted by Knight Frank and Jones Lang LaSalle. 

 

Last month, Saudi Arabia’s Capital Market Authority (CMA) approved Saudi Economic and Development Securities Co.’s request to offer, register, and list units of SEDCO Capital REIT on Tadawul.

 

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

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