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25/12/2017 17:55 AST
Al Rajhi Capital announced the initial public offering (IPO) period of Al Rajhi REIT Fund will run from 1 to 14 January 2018, the fund manager (Al Rajhi Capital) said in a statement.
The fund manager will offer 42.67 million units at SAR 10 each.
Subscription will be available through Al Rajhi Bank website and Al Rajhi Capital investment centres at a minimum value of SAR 1,000, and will have a fund size of SAR 1.62 billion, according to the fund manager.
The Shari'ah-compliant fund aims to acquire or invest in income generating commercial, office, and educational assets, as well as warehouses, which are mainly located in the Kingdom, except for Makkah and Madinah.
The fund's investment target is to invest in developed, income-generating assets, and to lease and distribute at least 90 per cent of the fund's annual net income in cash over the fund term on a semi-annual basis, the statement by Al Rajhi Capital added.
Al Rajhi REIT's preliminary portfolio comprises 13 high-quality assets that generate income at the end of January and July of every year.
The fund's assets are spread across various sectors in the Kingdom, namely: retail (54 per cent), warehouses (12 per cent), offices (26 per cent) and education sector (eight per cent).
Eligible investors are Saudis, GCC nationals, foreigners residing in Kingdom, institutions, companies, and investment funds operating in the Kingdom, along with Qualified Foreign Investors (QFIs).
CPI Financial
12/02/2018
Al Rajhi Bank recorded a 19.8 per cent rise in its fourth-quarter net profit, beating analysts' estimates, as fees and financing investments income climbed at Saudi Arabia's biggest lender by market
The National
07/12/2017
Capital Intelligence Ratings (CI Ratings or CI) has affirmed the Long-Term Foreign Currency Rating (FCR) and raised the Short-Term FCR of Al Rajhi Banking and Investment Corporation (ARB), based in R
CPI Financial
21/11/2017
Al Rajhi Bank Malaysia (ARBM), a unit of the world's largest Islamic bank, Al Rajhi Bank of Saudi Arabia, yesterday announced the appointment of Muhammad Afaq Khan as its new chairman and Johari Abdu
Bernama
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15/05/2025
Ithmaar Bank, a Bahrain-based Islamic retail bank, reported profits for the first quarter of the year as it announced its financial results for the three-month period ended March 31.
Ithmaa
BNA
15/05/2025
Aluminium Bahrain (Alba), the world's largest aluminium smelter on one site, has reported a profit of BD18.1 million ($48.2 million) for the first quarter of 2025, a drop of 25.9% year-over-year (YoY
Trade Arabia
15/05/2025
Indosat Ooredoo Hutchison is spearheading the development of sovereign AI to elevate Indonesia's economic trajectory, according to president director and CEO, Vikram Sinha.
"Indosat has a lar
Gulf Times
15/05/2025
Dukhan Bank has announced that Saad al-Kuwari has won the QR1,000,000 grand prize in the latest draw of Thara'a, the bank's Shariah-compliant savings account.
The draw was conducted under the
Gulf Times
15/05/2025
National Investments Company held its Ordinary AGM for the fiscal year ended December 31, 2024, and immediately following this, the Extraordinary General Assembly Meeting was convened on Wednesday, M
Kuwait Times
Financial Information Co.
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