Dolmen City REIT

A Listed, Rated, Closed-end, Perpetual, Shariah-compliant, Rental REIT scheme

Details

Dolmen City REIT is Pakistan’s first REIT scheme. It is a Closed-ended, Listed, Rated, Perpetual, Shariah-compliant, Rental REIT scheme which offers investors to become Unit holders of two component of the Dolmen City project, Dolmen Mall Clifton and The Harbor Front. The properties will generate rental income that will be distributed by the REIT Scheme among unit holders in the shape of dividends. Any possible appreciation in the value of the property will be an added benefit. Dolmen Mall Clifton has a total built-up area of approximately 1 million square feet spread over three levels. Anchored by Hyperstar and Debenhams, Dolmen Mall Clifton has a strong mix of local and international brands including Mango, Next, Nike, Nine West, Timberland and Charles & Keith. With 130 retail outlets, a multi-level department store, and a food court that accommodates 1,200 customers, Dolmen Mall Clifton is the largest shopping mall in Pakistan, currently operating over 90% occupancy rate. The Harbour Front is an office complex home to leading local and multinational corporations of the country. The complex offers prime office space across seventeen floors, spread over 270,000 square feet. The building is currently 100% occupied with the current tenant portfolio comprising of companies including Engro, Phillip Morris Mitsubishi and Procter & Gamble, among others.

Management Details

 Trustee

Central Depository Company of Pakistan

 Property Manager

Dolmen Real Estate Management (Private) Limited

 Property Valuer

MYK Associates (Private) Limited

 Auditor

KPMG Taseer Hadi and Co. Chartered Accountants

 Legal Counsel

Mohsin Tayebali and Co. Corporate Legal Consultants

 Shariah Advisor

Mufti Muhammad Ibrahim Easa

 Rating Agency

JCR-VIS Credit Rating Company Limited

Key Facts

 Fund Size

PKR 22,237 million

 Occupancy

      Dolmen Mall Clifton

      The Harbor Front

      Average

 

95.88%

100.00%

97.18%

 Leasable Area

      Dolmen Mall Clifton

      The Harbor Front

      Total

 

554,518 sq. ft.

257,161 sq. ft.

811,679 sq. ft.

 NAV (June 2017)

PKR 18.77 per unit

 Dividend Yield (June 2017)

            11.50%

 Unit Price (Current on PSX)

PKR 11.05

 Rating

RR-1

 

NTN: 4360482-0     |     Symbol: DCR     |     Listed on PSX

 

Property Documents

Property Map