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

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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