Alkhabeer Capital, a prominent asset management company specialising in alternative investments in Saudi Arabia, has announced the successful closing of the initial public offering of its newly-launched Alkhabeer REIT Fund.

The Fund was oversubscribed at 104 per cent and raised over SR247 million ($66 million) from a total of 25,124 individuals and institutional subscribers participating in the IPO.

CEO Ahmed Saud Ghouth said: "We are delighted at the successful response to our IPO, which makes the Alkhabeer REIT Fund another milestone on our journey of continuous success."

"I would like to express our thanks and appreciation to our clients for their trust and assure them we will strive to achieve the investment objectives of the fund in their best interest and by meeting their expectations," he stated.

The Saudi asset management firm said more information on the units’ allocation and the refund of excess funds would be announced to investors within 10 business days.

Alkhabeer REIT is being invested in seven income generating real estate assets at prime locations in Riyadh, Jeddah and Tabuk, it added.-TradeArabia News Service