Dol­men de­clares 1st year div­i­dend Rs2.3b

Pakistan Observer - - ECONOMY WATCH - STAFF RE­PORTER

KARACHI–South Asia’s first Real Es­tate In­vest­ment Trust (REIT), Dol­men City REIT, man­aged by Arif Habib Dol­men REIT Man­age­ment Limited, de­clared a Cash Div­i­dend of Rs2.3 bil­lion for the first full op­er­a­tional year ended June 30, 2016. This amounts to Rs1.04 per unit. The div­i­dend was an­nounced within four days of the close of fi­nan­cial year end.

Dol­men City REIT which was listed last June, is a closed-ended, Shariah com­pli­ant Rental REIT Scheme of­fer­ing in­vestors the op­por­tu­nity to be­come Unit hold­ers (ben­e­fi­cial own­ers) of the Dol­men Mall - Clifton and The Har­bour Front. The div­i­dend is de­rived from the rental in­come of the prop­er­ties owned by the REIT. Both Dol­men Mall and The Har­bour Front have an oc­cu­pancy rate of nearly 100% and house some of the best home­bred and for­eign brands along with the most pres­ti­gious lo­cal and multi­na­tion­als cor­po­rate of­fices with an an­nual es­ca­la­tion in Rental Agree­ments.

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