Alkhabeer Capital, the asset manager specialized 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 SAR 1 billion and an IPO size of SAR 237 million, equating to 24% 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 9% 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, Mr. 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 SAR 3.6 billion as at 31 December 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 United States and the United Kingdom”.
Alkhabeer REIT provides an attractive opportunity to institutional and individual investors to realize high income yield. The Fund’s subscription may be made through six receiving banks with a minimum subscription amount of SAR 500, without any subscription fees.
Mr. Ghouth added: “Alkhabeer Capital manages investment funds with assets of around SAR 4.7 billion as at 31 December 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 Sunday 3 Rabi Awal 1440H, corresponding to 11 November 2018G, and will continue through Thursday 21 Rabi Awal 1440H, corresponding to 29 November 2018G. 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 the Kingdom of Saudi Arabia, specializes in alternative investments and investment services. It is authorized by the Capital Market Authority (license number 07074-37).