Sharia-compliant Alkhabeer REIT targets an asset base of seven income-yielding real estate properties in prime locations in Riyadh, Jeddah, and Tabuk.
Assets include offices, residential units, and retail space on a 139,760 square meters (sq m) of built-up areas (BUAs).
Alkhabeer REIT offered 24 percent of assets at a total value of SAR 237 million. It targets an annual return of 9 percent, to be paid on a quarterly basis.
The fund’s total assets are valued at over SAR 1 billion.
The initial public offering (IPO) started on Nov. 11 and will run through Nov. 29, 2018.
Alkhabeer Capital had a real estate portfolio of more than SAR 3.6 billion as on December 31, 2017, managed by ten REITs, which own several realty projects in Jeddah, Riyadh, Al Khobar and Makkah.
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Fund’s Properties |
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1st property |
|
|
Name |
Al Malga Compund |
|
Location |
Al Malga, Riyadh |
|
Use |
Residential |
|
Ownership type |
Free ownership |
|
Land area |
15,925 SQM |
|
Building area |
41,361 SQM |
|
Number of floors |
3 floors+ an attachment |
|
Components |
18 buildings include 290 furnished units |
|
Building age |
3 yrs |
|
Current owner |
Mortgaged at Riyad Bank to vacate in favor of Ithraa Al Riyad Real Estate Co. |
|
Acquisition cost |
SAR 314 mln |
|
Tenant |
King Faisal Specialized Hospital and Research Center |
|
Annual rent |
SAR 20.19 mln |
|
Occupancy rate |
100% but expected to be cut to 44% as the tenant requested to renew the contract for 3 yrs for 8 buildings starting from Jan. 2019. Rent from remaining building not taken into consideration |
|
2nd property |
|
|
Name |
Gallery Mall |
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Location |
Al Salehiyah, Tabuk |
|
Use |
Retail |
|
Ownership type |
Usufruct |
|
Land area |
41,630 SQM |
|
Building area |
43,625 SQM |
|
Number of floors |
A basement and 2 floors |
|
Components |
139 shops, 15 restaurants, 39 Kiosks and 4 cafes |
|
Building age |
Under construction |
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Current owner |
Suliman Al Qadeebi sons Co. (usufruct contract owner) |
|
Acquisition cost |
SAR 155 mln |
|
Tenant |
Suliman Al Qadeebi sons Co. |
|
Occupancy rate |
100% |
|
Rent starting date & contract term |
10 yrs (5 yrs are binding) from the transfer of usufruct right |
|
Annual rent |
SAR 22.96 mln |
|
Guarantees |
10 promissory notes equivalent to 5 yrs rental value |
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3rd property |
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|
Name |
Plazo Center |
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Location |
Al Sulaimaniyah, Riyadh |
|
Use |
Retail |
|
Ownership type |
Free ownership |
|
Land area |
6,050 SQM |
|
Building area |
5,819 SQM |
|
Building age |
2 yrs |
|
Components |
15 showrooms |
|
Number of floors |
2 |
|
Current owner |
Chemo Commercial Investment Co. according to the instrument and Numu Co. Ltd. (usufruct owner) |
|
Acquisition cost |
SAR 93.30 |
|
Tenant |
12 different tenants |
|
Occupancy rate |
100% |
|
Rent starting date & contract term |
From 2 to 10 yrs according to the rent contracts |
|
Annual rent |
SAR 8.07 mln |
|
4th property |
|
|
Name |
Home Works |
|
Location |
King Fahd, Riyadh |
|
Use |
Retail |
|
Ownership type |
Free Ownership |
|
Land area |
7,000 SQM |
|
Building area |
9,181 SQM |
|
Building age |
20 yrs |
|
Components |
Commercial center (showroom) |
|
Number of floors |
One floor and a basement |
|
Current owner |
Abdulqader bin Shaibah Al Hamad |
|
Acquisition cost |
SAR 78 mln |
|
Tenant |
Al Futtaim International Commercial Co. |
|
Occupancy rate |
100% |
|
Rent starting date & contract term |
15 binding yrs (13 yrs remaining) |
|
Annual rent |
SAR 6 mln increasing SAR 250,000 every 5 yrs |
|
5th property |
|
|
Name |
Ahlan Court |
|
Location |
Al Andalus, Jeddah |
|
Use |
Retail |
|
Ownership type |
Free Ownership |
|
Land area |
4,342 SQM |
|
Building area |
2,758 SQM |
|
Components |
9 showrooms and an Admin. office |
|
Number of floors |
2 |
|
Building age |
10 yrs |
|
Current owner |
Mortgage at Bank Aljazira to vacate in favor of Aman Alestethmar for Real Estate Co. |
|
Acquisition cost |
SAR 70 mln |
|
Tenant |
Nadd Arabia Co. |
|
Occupancy rate |
100% |
|
Rent starting date & contract term |
15 binding yrs starting from ownership transfer |
|
Annual rent |
SAR 7 mln paid on semi-annual installments, increasing 5% every 5 yrs |
|
Guarantees |
30 promissory note covering the binding rental period of 15 yrs |
|
6th property |
|
|
Name |
Bin 2 Commercial Center |
|
Location |
Al Amwaj, Jeddah |
|
Use |
Retail/office |
|
Ownership type |
Free ownership |
|
Land area |
20,642 SQM |
|
Building area |
21,305 SQM |
|
Components |
21offices, 42 shops |
|
Number of floors |
3 |
|
Building age |
4 yrs |
|
Current owner |
Mortgage at BSF to vacate in favor of Sakan Finance Co. |
|
Acquisition cost |
SAR 90 mln |
|
Tenant |
Nadd Arabia Co. |
|
Occupancy rate |
100% |
|
Rent starting date & contract term |
15 binding yrs starting from ownership transfer |
|
Annual rent |
SAR 9 mln paid on semi-annual installments, increasing 5% every 5 yrs |
|
Guarantees |
30 promissory note covering the binding rental period of 15 yrs |
|
7th floor |
|
|
Name |
Elite Commercial Center |
|
Location |
Al Andalus, Jeddah |
|
Use |
Retail/office |
|
Ownership type |
Free ownership |
|
Land area |
4,320 SQM |
|
Building area |
15,712 SQM |
|
Components |
6 showrooms, 7 commercial areas and 45 offices |
|
Number of floors |
5 floors |
|
Building age |
5 yrs |
|
Current owner |
Mortgage at BSF to vacate in favor of Sakan Finance Co. |
|
Acquisition cost |
SAR 160 mln |
|
Tenant |
Nadd Arabia Co. |
|
Rent starting date & contract term |
15 binding yrs starting from ownership transfer |
|
Annual rent |
SAR 16 mln paid on semi-annual installments, increasing 5% every 5 yrs |
|
Guarantees |
30 promissory note covering the binding rental period of 15 yrs |
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