Wasatah REIT, which recently secured approval from the Capital Market Authority (CMA) for its listing on Tadawul, seeks to pay a minimum annual dividend of 90 percent, Wasatah Capital said in a statement.
The SAR 1.08 billion sharia-compliant fund plans to acquire the Movenpick Hotel Riyadh and Coral Al Khobar Hotel, owned by Al Rajhi Invest.
The CMA this week approved Wasatah Capital’s request to offer, register, and list Wasatah REIT units on Tadawul.
The Saudi stock market started listing REITs last year in a move aimed at enhancing transparency in the property sector and easing the Kingdom’s housing shortage.
The new funds will allow investors to access the local real estate market through purchasing existing, developed property.
Comments
{{DisplayName}}
{{ElapsedTime}}