Karachi, Dolmen City Reit informed Pakistan Stock Exchange that the Board of Directors have declared and approved a final cash dividend of Re. 0.20 per unit i.e. 2.0% (annualized 8.0%). This is in addition to interim dividends already paid of Rs. 1.05 per unit i.e. 10.5% (annualized 14.0%). On cumulative basis the Scheme has approved dividend of Rs. 1.25 per unit i.e. 12.5% for the year ended June 30, 2020.
City REIT is Pakistan’s first REIT scheme. It is a closed-ended, Listed Shariah compliant Rental REIT 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.
The building is currently 100% occupied with the current tenant portfolio comprising of companies including Engro, Phillip Morris Mitsubishi and Procter & Gamble, among others.
The symbol “DCR” is being used by the stock exchange for the shares of Dolmen City Reit.