The subscription to increase the total asset value of Alkhabeer REIT Fund through additional public offering started on May 30, 2021, and will run for 15 working days until June 17, 2021, fund manager Alkhabeer Capital said in a bourse filing.
Unitholders approved increasing the fund's total assets by nearly SAR 335.5 million via second additional offering during the meeting held on April 25, 2021, Argaam reported.
Th fund is a closed-end Shariah compliant traded real estate investment fund, listed on the Saudi Stock Exchange.
The fund will offer 38.04 million units to raise its total asset value from SAR 1.727 billion to SAR 2.062 billion, as follows:
- A total of 22.30 million units will be offered in-kind to sellers of new real estate assets, in consideration of their in-kind contribution.
- A total of 15.74 million units worth SAR 138.82 million will be offered in cash.
The move aims to acquire some real estate assets, including the following:
1) Vision College for Education (previously known as Al Farabi College for Education), located at Al-Rayyan district, east of Al-Haramain highway, Jeddah.
2) Akun Cold Storages, warehouses located at the intersection of King Faisal Road and South Corniche Street, King Faisal Naval Base, Jeddah.
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Properties Details |
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Property |
Sector |
City |
Building area (‘000 sqm) |
Rental value |
Acquisition value (SAR mln) |
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Vision College for Education |
Education |
Jeddah |
13,79 |
100 % |
107.5 |
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Akun Cold Storages |
Logistics |
Jeddah |
12,89 |
100 % |
226.7 |
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Alkhabeer REIT Profile |
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Current capital |
SAR 1.0297 bln |
|
Current number of units |
102.97 mln units |
|
Total assets value as of Sept. 30, 2020 |
SAR 1.7272 bln |
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Withdrawn funding |
SAR 737.50 mln |
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Additional Offering Profile |
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Fund Capital after the additional offering |
SAR 1.410 bln |
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Increase in Fund Capital |
SAR 380.38 mln |
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New number of units |
141.01 mln units |
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Fund assets following the additional offering |
SAR 2.062 bln |
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Withdrawn funding |
SAR 737.50 mln |
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Offering objective |
Acquiring additional real estate assets |
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Number of additional units |
38.04 mln units |
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Number of units offered for in-kind contributions |
22.30 mln units |
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Number of units offered for cash contributions |
15.74 mln units |
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Targeted offering price per unit |
SAR 8.8201 |
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Total subscriptions value |
SAR 335.50 mln |
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The increase in capital nominal value |
SAR 380.38 mln |
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Eligible subscribers |
Natural persons, institutions, companies, investment funds and other legal persons based in Saudi Arabia, and other investors allowed to own shares listed on Tadawul |
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Minimum subscription limit |
SAR 500 (No maximum limit) |
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Allotment methodology |
Monetary units to be allotted first to registered unitholders on the meeting day willing to subscribe to monetary units at a pro-rata basis. Remaining units, if any, will be allocated to other investors |
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Offering period |
15 business days from May 30 to June 17, 2021 |
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Additional offering period |
Offering period could be extended for 10 business days after obtaining CMA approval |
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Additional Information |
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Lead manager |
Aljazira Capital |
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Receiving Banks |
SNB, Al Rajhi Bank, Aljazira Capital. Subscriptions are also available to customers of other banks through the subscription system on the fund manager’s website |
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