DOLMEN CITY REIT
Corporate Briefing Session
2023
Table of Contents
01 Introduction - Sector Overview
02 Introduction - Company Overview
03 Operational and Financial Highlights
1. Introduction - Sector Overview
A highly regulated and disciplined corporate structure to pool funds for the purpose of real estate investment.
PurchaseInvest
REIT
UNITS
INVESTORS
DividendIncome
REAL ESTATE ASSETS
Ownership of the Real Estate is represented through REIT Units. Investors can invest according to their financial ability. Units can be converted into cash through sale to other investors via stock exchange.
How REITs Work
Investment
Public and Private
Investors
Stock Exchange Listing
Dividends and
Capital Appreciation | Income |
Distribution |
REIT SCHEME
Trust | RMC | |
Deed | ||
Establishes and | ||
Manages the REIT | ||
Holds Property Title and | Trustee | |
Books of Accounts, Appointments, | ||
Accounts as Custodian of | Investment Decision Making, | |
Regulator Reporting and Income | ||
REIT Assets | ||
Distribution | ||
Sharia Advisor | Property Valuer |
Rent and Sale | Auditors / REIT | Development |
Proceeds | Accountant / | Advisor/ Property |
Rating Agency | Manager |
1. Introduction - Sector Overview
Types of REITs in Pakistan
- Developmental REIT: Established with the objective of
development, construction or refurbishment of real estate for industrial, commercial, residential or a combination of uses.
- Rental REIT: Established with the purpose of generating rental income from Real Estate.
- Hybrid REIT: A REIT Scheme, which has both development and
rental components.
DevelopmentalRental
REIT Scheme and shall include following types:
- residential;
- commercial;
- industrial;
- agriculture;
- healthcare;
- transport and communication;
- power;
- energy;
- telecommunication;
- water and sanitation;
- social, culture and commercial;
- mining;
- Real Estate forming part of Investment based REIT Scheme; or
- any other type as allowed by the Commission.
Hybrid
2. Introduction - Company Overview
- Country's Finest Mix-Use Development; revolutionized the retail landscape of Pakistan.
- Karachi's Favorite destination - the Dolmen Mall, Clifton integrates the best in food, fashion and leisure.
- Delighted Customers, Reputed Tenants, Growing Rents, Happy Unit- holders, and Vigilant Regulators
Components of Dolmen City Project:
- Harbour Front: Nineteen storeys state-of-the art office building
- Dolmen Mall: Three storey international standard mall
2. Introduction - Company Overview
Nature of the Scheme | Perpetual, Rated, Listed, Closed-endShariah Compliant Rental REIT | ||
• | Dolmen Mall Clifton | 548,138 sq.ft. | |
Real Estate | • | The Harbour Front | 256,510 sq.ft. |
Total | 804,648 sq.ft. | ||
Fund Size | PKR 22,237 Million (at inception) | ||
PKR 69,496 Million as at June 30, 2023 | |||
Trustee | Central Depository Company of Pakistan Limited | ||
Rating | "AAA (rr)" by VIS Credit Rating Agency | ||
Occupancy | • | Dolmen Mall Clifton | 98.14% |
• | The Harbour Front | .97.84% | |
Net Asset Value | PKR 31.25 per unit (June 30, 2023) | ||
Market Price | PKR 13.58 per unit (December 20, 2023) | ||
13.20% (June 2019) | |||
Dividend Yield | 12.50% (June 2020) | ||
12.40% (June 2021) | |||
(on face value) | |||
15.00% (June 2022) | |||
18.10% (June 2023) | |||
3. Operational and Financial Highlights
- Currently Operating with the finest brands and Companies in Pakistan.
- Tenants include:
MALL - TENANCY PROFILE
HARBOUR FRONT - TENANCY PROFILE
Accessories
5.79%
(AS AT JUNE 2023)
Miscellaneous
Entertainment22.64%
5.60%
(AS AT JUNE 2023)
Dolmen | |||
2.52% | Al-Feroz | Mitshubishi | |
HBL | |||
2.52% | |||
Vacant | 2.52% | ||
1.90% | |||
2.55% | |||
TCS | |||
Sino Sindh Resources | 0.22% | ||
2.55% | |||
Maersk |
Vacant
Food
5.05% | Engro |
3.65%
12.57%
43.54% |
Citibank |
5.14% |
Home and Furniture
0.38%
Food
13.75%
Cosmetic | Jewellery and Watches |
7.00% | |
1.94% | |
Chevron | ||
5.14% | ||
P & G | Philip Morris | Cynergyico |
7.62% | ||
10.16% | ||
8.54% | ||
3. Operational and Financial Highlights
Overview
- Dolmen Mall Clifton is Pakistan's pinnacle of retail. With 130+ outlets, a hypermarket, and a 1,200-seat food court, it's the country's first international-standard mall. Hosting a lineup of esteemed global and local brands like Mango, Carrefour, Khaadi, Nike, and others, it's a magnet for shoppers nationwide.
- DCR's real estate has witnessed consistent occupancy levels since inception in 2015. Occupancy at the end of June 2023 was 97.84% (June 30, 2022: 98.07%).
- Previously actioned long-term strategic measures to strengthen partnership with tenants bore fruit in the form of several new tenants including Ideas, Cross Stitch, The Bank of Punjab, Saya, Zara Shahjahan, and The Potato Factory amongst others.
Outlook
- Number of potential, well selected tenancies in the pipeline for both Mall and the Harbour Front.
- Footfall and sale activities have returned to normal. We expect more robust performance in the coming quarters.
- With professional property management, long lease expiries, extensive marketing activities and renowned tenants, we remain confident that Dolmen City will remain the destination of choice for shoppers, retail operators and corporations alike.
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Disclaimer
Dolmen City REIT published this content on 26 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 December 2023 10:19:35 UTC.