Swicorp to pump SAR 35 mln into Swicorp Wabel REIT

26/03/2018 Argaam

Swicorp Co. said it will invest a sum of SAR 35.40 million in Swicorp Wabel REIT.  

 

The fund manager’s investment— equal to 3 percent of the fund’s total units— combined with other property sellers, will account for 70 percent of the fund size.

 

The fund gives a targeted net yield of 7.7 percent in 2018, to rise to 8.30 percent in 2020.

 

With a target size of SAR 1.18 billion, the fund offers 35.4 million units at SAR 10 per unit, totaling SAR 354 million, or 30 percent of the fund size.  

 

Subscription runs from March 19 until April 8 through Swicorp Co.’s website. Receiving banks include Bank AlbiladBanque Saudi FransiAl Rajhi BankNCB, and Aljazira Capital, with a minimum subscription of SAR 500.

 

The asset base of the sharia-compliant fund includes four fully developed and income-generating shopping malls, namely Al Makan Malls in Riyadh, Tabuk, Hafr Al-Batin, and Dawadmi.

 

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