Swicorp Wabel REIT will start trading units as of today on the Saudi Stock Exchange (Tadawul).
The units will be listed in the Real Estate Investment Traded Funds (REITs) sector, under the code 4345 with a fluctuation limit of 10 percent.
In April, Swicorp Wabel REIT offered 35.4 million units at SAR 10 per unit. It was 100.9 percent oversubscribed after 18,600 individual and institutional investors injected SAR 357.23 million in cash.
The fund is Tadawul’s eighth listed REIT this year, bringing the bourse’s total REIT funds to 15.
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Swicorp Wabel REIT - Details |
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Fund name |
Swicorp Wabel REIT |
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Fund Manager |
Swicorp Co. |
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Investment Goals |
- The fund invests in developed, income-generating real estate assets. It plans to distribute at least 90 percent of its income to unit holders. - The fund will invest a minimum of 75 percent of its assets in developed properties that generate regular rental income. - It will not invest in white land. |
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Fund term |
99 years from the listing date, renewable upon obtaining CMA approval |
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Target assets |
Four malls in Riyadh, Tabuk, Hafr Al-Batin and Dawadmi |
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Fund size |
SAR 1.18 billion |
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Subscription fee |
1% of subscription amount per investor (including VAT) |
The asset base of the sharia-compliant fund includes four fully developed and income-generating shopping malls located in Riyadh, Tabuk, Hafr Al-Batin, and Dawadmi. They are all newly built, as the oldest mall was built in 2015.
The fund will offer a targeted net yield of 7.7 percent in 2018, set to rise to 8.30 percent in 2020.
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Swicorp Wabel REIT – Assets Details* |
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Number of targeted assets and usufruct contracts |
4 properties |
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Number of targeted assets to be owned |
3 properties |
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Number of targeted usufruct contracts |
1 property |
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Fully developed assets |
4 properties |
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Ratio of income-generating assets to total assets |
100% |
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Total cost of purchasing assets (excluding usufruct contract) |
SAR 1.013 bln |
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Total cost of usufruct contract |
SAR 166.8 mln |
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Fund size |
SAR 1.18 bln |
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Total rental income of targeted assets (12 months 2018) |
SAR 101.9 mln |
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Total building areas of properties excluding the usufruct property |
192,500 sqm |
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Total building area of the usufruct property |
37,300 sqm |
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Total occupancy rate of rental area |
96.38% |
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Usufruct contract/total fund size |
14% |
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Details of Properties |
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Property |
Purchasing value (SAR mln) |
Gross rental value (SAR mln) |
Net rental value (SAR mln) |
Gross return |
Net return |
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Al Makan Mall-Hafr Al Baten |
470.2 |
52.6 |
42.8 |
11.20 % |
9.10 % |
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Al Makan Mall-Riyadh |
323.6 |
24.2 |
19.9 |
7.49 % |
6.16 % |
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Al Makan Mall-Tabuk |
219.4 |
21.8 |
17.8 |
9.92 % |
8.12 % |
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Al Makan Mall-Al Dawadmi |
166.8 |
27.0 |
21.4 |
16.21% |
12.82 % |
Performance of Tadawul-listed REITs:
Twelve Saudi-listed REITs have seen unit prices fall since listing, with Al Ma'ather REIT Fund and Al Masha'ar REIT Fund both recording the steepest decline at 23 percent.
Meanwhile, Aljazira REIT and Taleem REIT reported an increase of 38 percent and 5 percent, respectively.
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Performance of Saudi REITs Since Listing |
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REIT |
Fund Size (SAR mln) |
Listing Price (SAR) |
Closing as of Aug. 5 (SAR) |
Variation |
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Aljazira REIT |
118.0 |
10.00 |
13.84 |
+38% |
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Taleem REIT |
285.0 |
10.00 |
10.46 |
+5% |
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Jadwa Saudi |
1,580.0 |
10.00 |
9.00 |
(10%) |
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Riyad REIT |
1,633.0 |
10.00 |
8.70 |
(13%) |
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Al Rajhi REIT |
1,621.9 |
10.00 |
8.65 |
(14%) |
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Bonyan REIT |
1,628.8 |
10.00 |
8.60 |
(14%) |
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Jadwa Al Haramain |
660.0 |
10.00 |
8.59 |
(14%) |
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Musharaka REIT |
880.0 |
10.00 |
8.57 |
(14%) |
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AlAhli REIT (1) |
1,375.0 |
10.00 |
8.54 |
(15%) |
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Derayah REIT |
1,172.0 |
10.00 |
8.10 |
(19%) |
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Mulkia REIT |
600.0 |
10.00 |
8.00 |
(20%) |
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SEDCO Capital REIT |
650.0 |
10.00 |
7.98 |
(20%) |
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Masha’ar REIT |
572.4 |
10.00 |
7.75 |
(23%) |
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Al Ma’athar REIT |
613.7 |
10.00 |
7.70 |
(23%) |
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Swicorp Wabel REIT |
1,180.0 |
10.00 |
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