MEFIC REIT Fund will start trading on Saudi Stock Exchange (Tadawul) today, Nov. 13 under the code 4346.
The daily price fluctuation limit stands at 10 percent per unit, Tadawul said in a statement.
All subscribed units were allocated to investors at 100 percent oversubscription ratio, as a total of 31,160 subscribers invested SAR 404.57 million during the offering period.
MEFIC REIT Fund is the ninth to be listed on Tadawul in 2018, raising the total number of REITs to 16.
REITs allow investors to access the local real estate market through purchasing existing, developed property.
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MEFIC REIT Profile |
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Fund |
MEFIC Real Estate Investment Traded REIT Fund, sharia-compliant REIT |
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Fund Manager |
MEFIC Capital |
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Investment objectives |
Investing in income-generating real estate properties in Saudi Arabia and the GCC |
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Fund size |
SAR 1.23 bln |
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Fund duration |
99 yrs from listing, renewable upon the fund manager’s desire after obtaining the CMA’s approval |
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Targeted assets |
The fund consists of an investment portfolio that includes 8 properties in Riyadh, Jeddah Makkah and Dubai. The portfolio includes residential, commercial, office buildings and hotels. |
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Subscription fees |
2% of subscription amount paid in advance for one time |
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Management fees* |
0.35% of net fund’s value |
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Cash dividend |
Semi-annual cash dividend of not less than 90% of fund annual net profit. First payment shall be within 90 days from the fiscal year end while second payment is set to be within Q3. |
*the fund manager has waived management fees for one year.
The REIT’s asset base comprises eight real properties worth a combined SAR 1.2 billion, dispersed around Saudi Arabia and the UAE, including offices, residential units, warehouses, hotels and retail space.
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The Fund’s Properties |
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Property |
City |
Ownership type |
Status |
Purchase value (SAR mln) |
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Shopping mall |
Riyadh |
Owned |
Developed |
665.0 |
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Commercial & administrative tower |
Jeddah |
Owned |
Developed |
45.0 |
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Plaza 1 |
Riyadh |
Usufruct |
Developed |
66.0 |
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Plaza 2 |
Riyadh |
Usufruct |
Under development |
82.0 |
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Hospitality building |
Riyadh |
Usufruct |
Developed |
93.0 |
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Drnef Ajyad Hotel |
Makkah |
Owned |
Developed |
123.0 |
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Drnef Hotel- Makkah |
Makkah |
Owned |
Developed |
57.0 |
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The PAD * |
Dubai |
Owned |
Under development |
67.6 |
* The fund has acquired 32 apartments of The Pad at a cost of SAR 66.25 mln including land Department fees.
The fund purchased 32 residential units in the Pad, Dubai’s Business Bay, at a total cost of SAR 66.25 million, including the land fees.
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Properties Details |
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Property |
Annual rent (SAR mln) |
Return % |
Property to fund % |
Property return to fund return % |
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Shopping mall |
40.80 |
6.14 % |
55 % |
42 % |
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Commercial & administrative tower |
4.05 |
9.00 % |
4 % |
4 % |
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Plaza 1 |
12.61 |
19.11 % |
6 % |
13 % |
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Plaza 2 |
9.04 |
11.02 % |
7 % |
9 % |
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Hospitality building |
9.90 |
10.65 % |
8 % |
10 % |
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Drnef Ajyad Hotel |
10.00 |
8.13 % |
10 % |
10 % |
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Drnef Hotel- Makkah |
5.00 |
8.77 % |
5 % |
5 % |
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The PAD |
6.63 |
9.80 % |
6 % |
7 % |
Thirteen Tadawul-listed REITs have witnessed declines, compared to the listing price, led by Al Masha’ar REIT at 29 percent. AlJazira Mawten REIT and Taleem REIT rallied by 53 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 Nov. 12 (SAR) |
Variation |
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Aljazira REIT |
118.0 |
10.00 |
15.32 |
+53% |
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Taleem REIT |
285.0 |
10.00 |
10.52 |
+5% |
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Jadwa Saudi |
1,580.0 |
10.00 |
8.94 |
(11%) |
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Riyad REIT |
1,633.0 |
10.00 |
8.05 |
(20%) |
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Al Rajhi REIT |
1,621.9 |
10.00 |
8.00 |
(20%) |
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Bonyan REIT |
1,628.8 |
10.00 |
8.40 |
(16%) |
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Jadwa Al Haramain |
660.0 |
10.00 |
7.50 |
(25%) |
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Musharaka REIT |
880.0 |
10.00 |
7.97 |
(20%) |
|
AlAhli REIT (1) |
1,375.0 |
10.00 |
7.84 |
(22%) |
|
Derayah REIT |
1,172.0 |
10.00 |
8.14 |
(19%) |
|
Mulkia REIT |
600.0 |
10.00 |
7.98 |
(20%) |
|
SEDCO Capital REIT |
650.00 |
10.00 |
7.36 |
(26%) |
|
Mashaar REIT |
572.4 |
10.00 |
7.15 |
(29%) |
|
Al Maathar REIT |
613.7 |
10.00 |
7.45 |
(26%) |
|
Swicorp Wabel REIT |
1,180.0 |
10.00 |
8.88 |
(11%) |
|
MEFIC REIT |
1,230.0 |
10.00 |
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