Dolmen City REIT declares dividend

KARACHI: Dolmen City Real Estate Investment Trust (REIT), South Asia’s first REIT, managed by Arif Habib Dolmen REIT Management Limited, has declared cash dividend of Rs2.3 billion for the first full operational year ended June 30, a statement said on Monday.

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 percent and house some of the best home-bred and foreign brands along with the most prestigious local and multinationals corporate offices with an annual escalation in Rental Agreements.