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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