Like Business on Facebook, follow on Twitter to stay informed and join in the conversation. Published in The Express Tribune, September 22 nd, 2015. In a pre-IPO interview, Ejaz had said unit subscribers should expect a 9.25% dividend yield in the first year of operation. Therefore, the rental income of Rs193.6 million, which resulted in the net profit of Rs169.9 million, was generated in the month of June alone, Ejaz said. Speaking to The Express Tribune, Arif Habib Dolmen REIT Management CEO Muhammad Ejaz said the trust was registered on January 20, but the rental income started accruing to Dolmen City REIT from June 1. The first profit announcement was accompanied with a final cash dividend of Rs0.08 per unit for the period ended June 30. The property generates rental income that is distributed by the REIT scheme among unit holders in the shape of dividends. The monetary value of the total fund of Dolmen City REIT is Rs22.2 billion. The Arif Habib Group controlled 20% shares in ICP while 80% ownership rested with the Dolmen Group before the public listing. The property was originally owned by International Complex Project (ICP). The underlying assets of Dolmen City REIT are the two components of the Dolmen City project: Dolmen Mall Clifton and the Harbor Front building, which are located on the Karachi seafront. REITs operate like close-end funds, as pooled capital is invested in real estate and its units are listed on the stock exchange that investors can buy and sell every day just like ordinary stocks. However, as the first-of-its-kind investment avenue in Pakistan, Dolmen City REIT offers small investors the opportunity to take advantage of a booming real estate market by trading in REIT units.īesides being the first REIT in Pakistan, Dolmen City REIT is also the first publicly listed trust of its kind in South Asia. There are few publicly listed property developers in Pakistan while REITs had practically been non-existent so far. Traditionally, small investors have been unable to take part in real estate investments in Pakistan, as the property market is considered highly illiquid and capital intensive. No year-on-year comparison of Dolmen City REIT can be made because of the unavailability of comparable data. REITs are collective investment schemes that pool investors’ funds for onward investment in real estate. The group developed the 32-unit Citrino condo development in the Mission District with Vanguard Properties. Trading of the units of Dolmen City REIT, which is run by Arif Habib Dolmen REIT Management, began on the Karachi Stock Exchange on June 26, although the announced profit is for the period starting on January 20 and ending on June 30. Dolmen Property Group has developed mostly small to medium sized condominium projects in the Mission and Noe Valley, as well as an 80,000-square-foot commercial project at 2345 Harrison St. In its maiden earnings announcement following the public listing in June, the management company of Pakistan’s first real estate investment trust (REIT) scheme said on Monday its net profit amounted to Rs169.9 million for the period ending on June 30. With a dedicated team of over 750 skilled personnel, we provide a complete range of project management solutions to assist our clients.Listed in June, first profit accompanied with cash dividend of Rs0.08 per unit. The company empowers its clients and maximize the value of their assets by providing the expert insight, combined with proven expertise and resources in the realm of facility management and maintenance, by employing state-of-the-art equipment and international best practices. In addition to the Group’s stellar reputation in the field of property development, Dolmen’s name is synonymous with the Country’s best real-estate facility management company and is renowned for its complete range of dedicated property and project management services. We apply industry-leading processes and best practices, acquired over years of property development and management experience, and tailor them to fit the specific needs of each client. Providing the best property management and facility services is the significant aspect that has enabled Dolmen to deliver its landmark projects thus far. Dolmen Group’s Property Management Division offers its managerial services for commercial and private real estate properties.
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