Alkhabeer Capital, the asset manager specialised in alternative investments, announced that it has received Capital Market Authority (CMA) approval to publicly list its Shari’ah-compliant Alkhabeer REIT Fund with assets in excess of SR1 billion ($266.64 million) and an IPO size of SR237 million, equating to 24 per cent of total fund assets. 

 

The fund invests in seven income generating real estate assets at prime locations in Riyadh, Jeddah and Tabuk. The target returns of over nine per cent per annum, distributed quarterly, are among the highest in comparison with other real estate investment traded funds listed on the Saudi Stock Exchange (Tadawul).

 

Commenting on this listing, Ahmed Saud Ghouth, chief executive officer of Alkhabeer Capital, said: “Alkhabeer REIT is the product of Alkhabeer’s knowledge and expertise in the real estate investment field, domestically and globally, with its real estate investment portfolio exceeding SR3.6 billion as at December 31, 2017, managed through 10 real estate funds holding assets and projects in the cities of Jeddah, Riyadh, Khobar and Makkah, as well as real estate property in the US and the UK."

 

Alkhabeer REIT provides an attractive opportunity to institutional and individual investors to realise high income yield. The fund’s subscription may be made through six receiving banks with a minimum subscription amount of SR500, without any subscription fees.

 

Ghouth added: “Alkhabeer Capital manages investment funds with assets of around SR4.7 billion as at December 31, 2017, mainly in real estate and private equity. Alkhabeer has an outstanding track record with extensive experience in investing in real estate opportunities catering to investor needs and maximizing returns in a changing economic landscape”.

 

Subscription in Alkhabeer REIT Units is scheduled to start on November 11, and will continue through November 29. Prospective subscribers may apply through the following institutions: National Commercial Bank, Riyad Bank, Al-Rajhi Bank, Arab National Bank, Saudi Fransi Bank and Aljazira Capital. Fund basic information, executive summary and terms and conditions are available at www.alkhabeer.com/ar/REIT. 

 

Alkhabeer Capital, headquartered in Saudi Arabia, specialises in alternative investments and investment services. - TradeArabia News Service