AlAhli REIT Fund 1 has started trading on the Saudi Stock Exchange (Tadawul) today, Jan. 8, under the code 4338 with a daily price fluctuation limit will be 10 percent per unit, data compiled by Argaam showed.
Other final terms and conditions for the fund are posted on its website.
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AlAhli REIT (1) Profile |
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Fund |
Al Ahli Real Estate Investment Traded REIT(1) Fund, sharia-compliant REIT |
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Fund manager |
NCB Capital |
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Investment Purposes |
Investing in income-generating, developed real estate assets |
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Targeted assets |
Alandalus Mall and Staybridge Suites Jeddah |
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IPO period |
From Dec. 6 until Dec. 19, 2017 |
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Fund Size |
SAR 1.375 bln |
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Subscription fees |
2% of subscription amount |
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Management fees |
1% from total assets after deducting expenses per year, payable semi-annually |
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Funding |
The fund manager may obtain sharia-compliant financing, on the fund’s behalf, of not more than 50% of total assets. |
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Trading ban period |
Three years from the fund’s listing date for Alandalus Property Co. on 67.5 mln units, representing 50% of total fund’s assets. |
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Minimum Subscription Limit |
SAR 10,000 |
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Maximum Subscription Limit |
Less than 5% of total assets, or less than SAR 68.75 mln. |
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Cash Dividend |
Cash dividend for unit holders of not less than 90% of the fund’s net profit, twice a year |
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REIT’s trading |
Same as other Saudi-listed REITs |
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REIT Units |
|||
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Subscription type |
Number of units (mln) |
Unit value (SAR mln) |
Percentage of total fund value |
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Alandalus Property Co. (material) |
94.5 |
945.0 |
68.73 % |
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NCBC (monetary) |
1.75 |
17.5 |
1.27 % |
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Public (monetary) |
41.25 |
412.5 |
30% |
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Total |
137.50 |
1375.0 |
100 % |
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