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CONSTRUCTION NEWS

Sedco Capital REIT's net asset value hits $154m

Mar 28, 2019 3:43 PM

Saudi Economic and Development Securities Company (Sedco Capital) one of the largest asset managers in the kingdom said the net asset value of its real estate investment trust (REIT) for full year 2018...

Saudi Economic and Development Securities Company (Sedco Capital), one of the largest asset managers in the kingdom, said the net asset value of its real estate investment trust (REIT) for full year 2018 rose to SR579 million ($154 million).

Announcing the results for the period ended December 31, 2018, Sedco Capital said the net asset value per unit rose to SR9.64 while the yield for the period surged 4.58 per cent (equals 6.1 per cent on an annual basis).

The Saudi firm's REIT registered a net profit of SR6.43 million for the period. The total expenses and fees for the period hit SR21.3 million, it stated.

In another development, the company has announced the distribution of cash dividends worth SR9.9 million to REIT Fund unitholders for the period from January 1 to March 31, 2019.

Sedco Capital said the cash distribution will be based on 60,000,000 existing units.

Dividend distribution amount is SR0.165 per unit, which represents 1.65 per cent of the initial price, which translates to 6.6 per cent on an annual basis, said the company.

The dividend represents 1.64 per cent of the net asset value as of December 31, 2018, it added.-TradeArabia News Service

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