Al Masha'ar REIT Fund started trading on the Saudi Stock Exchange (Tadawul) today, under the code 4337, with a daily price fluctuation limit of 10 percent per unit.

 

The fund’s initial public offering (IPO) was 100 percent covered in November.

 

Al Masha'ar REIT is a Sharia-compliant real estate investment traded fund with a target size of SAR 572.4 million.

 

It plans to pay a semi-annual dividend of no less than 90 percent of its annual net income.

 

Al Masha’ar is the ninth REIT trading on Tadawul, after Mulkia Gulf REIT, Musharaka REIT, Riyad REIT, Aljazira Mawten REIT, Jadwa REIT Al-Haramain Fund, Taleem REIT, Al Ma’athar REIT and AlAhli REIT Fund 1.

 

Fund's Profile

Fund

Close ended, Sharia-compliant 

Investment objectives

Invests in income-generating, developed real estate assets

Size

SAR 572.4 mln

Subscription fee

2% of subscription amount per investor

Management fee

1% from net asset value, payable on a quarterly basis

Further financing

The fund manager may obtain sharia-compliant financing, on the fund’s behalf, at 50 percent maximum of the fund’s total assets.

Minimum Subscription 

SAR 10,000

Maximum Subscription

SAR 28.6 mln

Manager

Muscat Capital

Fund term

99 years from the listing date, renewable upon obtaining the CMA approval

Cash Dividend

Semi-annual distributions. Annual dividend shall be no less than 90% of net income.

Trading

As usual REITs

 

The fund has a number of properties on its target list, detailed in the following table:

 

Target Acquisitions

Name

Region

Acquisition value (SAR mln)

Total yield (SAR mln)

Land area (sqm)

Property 1: Hotel tower 4

Al Aziziyah, Makkah

190.0

Never been operated

1,288

Property 2: Hotel tower 5

Al-Shesha, Makkah

182.4

18.7

1,395

Property 3: Hotel tower 6

Northern Azizia, Makkah

200.0

Never been operated

1,485

 

Target Returns

Year

Rental returns

(SAR mln)

Gross targeted returns

Net targeted returns

2018

38.6

6.8 %

5.3 %

2019

38.6

6.8 %

5.3 %

2020

38.6

6.8 %

5.3 %

2021

38.6

6.8 %

5.3 %

2022

39.9

7.0 %

5.5 %

2023

42.5

7.4 %

6.0 %

2024

42.5

7.4 %

6.0 %

2025

42.5

7.4 %

6.0 %

2026

42.5

7.4 %

6.0 %

2027

43.9

7.7 %

6.2 %

2028

46.8

8.2 %

6.7 %

2029

46.8

8.2 %

6.7 %

2030

46.8

8.2 %

6.7 %

2031

46.8

8.2 %

6.7 %

2032

48.2

8.4 %

7.0 %

Average

42.9

7.5 %

6.0 %

 

Performance of Peers

REIT

Fund Size

 (SAR mn)

Listing Price (SAR)

Closing as of Jan. 17, 2018

(SAR)

Change

Aljazira REIT

118.0

10.00

16.79

+68%

Taleem REIT

285.0

10.00

12.14

+28%

Jadwa REIT Al Haramin

660.0

10.00

10.13

+1%

Musharaka REIT

880.0

10.00

9.65

(3%)

AlAhli REIT (1)

1,375.0

10.00

9.58

(4%)

Riyad REIT

500.0

10.00

9.23

(8%)

Al Ma’athar REIT

613.7

10.00

9.04

(10%)

Mulkia Gulf REIT

600.0

10.00

9.05

(10%)

Al Masha’ar REIT

572.4

10.00

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