Alkhabeer Capital launched the initial public offering (IPO) of its Shari’ah compliant Alkhabeer REIT Fund today, the asset manager said in a statement.
With assets in excess of SAR 1 billion, the IPO amounts to a size of SAR 237 million, equating to 24 percent of total fund assets.
Subscription in Alkhabeer REIT units is scheduled to continue until Nov. 29, 2018 (Thursday) on Tadawul, the statement noted.
Prospective subscribers may apply through financial institutions, including Aljazira Capital, National Commercial Bank, Riyad Bank, Al Rajhi Bank, Arab National Bank and Banque Saudi Fransi.
“The target returns of over nine percent per annum, distributed quarterly, are among the highest in comparison with other real estate investment traded funds listed on the Saudi Stock Exchange (Tadawul),” Ahmed Saud Ghouth, Chief Executive Officer of Alkhabeer Capital, said.
Alkhabeer REIT has invested in seven income-generating real estate assets at prime locations in Riyadh, Jeddah and Tabuk.
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