Wednesday 31, October 2018 by Kudakwashe

Saudi's Alkhabeer to offer REIT units for public subscription

 

Saudi Arabia’s capital market authority earlier this month approved Alkhabeer's request to list the REIT.

Saudi Arabia based Alkhabeer Capital has announced that it plans to list a property trust on the stock exchange.

The value of the assets exceeds SAR 1 billion ($266.60 million) and the initial public offering size is valued at SAR 237 million ($63.18 million).

Ahmed Saud Ghouth, CEO of Alkhabeer Capita, 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.”

The Saudi stock exchange has witnessed a flurry of REIT activity this year, with eight listings in the first half of 2018.

In a statement, Alkhabeer, stated that the Fund’s subscription may be made through six receiving banks with a minimum subscription amount of SAR 500, without any subscription fees.

The exchange began listing real estate investment trusts (REITs) in 2016, in a move that allows investors to access the local real estate market through the purchase of existing and developed property.

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