Riyadh – Mubasher: Saudi Arabia’s Alkhabeer Capital on Tuesday announced closing the initial public offering (IPO) of its newly-launched Alkhabeer REIT Fund, a closed-ended sharia-compliant real estate investment traded fund.
The Fund's IPO was oversubscribed 104% and raised SAR 247 million in proceeds, the prominent asset management company said in a statement.
The number of individual and institutional subscribers reached 25,124, the statement noted.
Information about the refunding of excess funds and units’ allocation will be unveiled with ten business days from the IPO closing date, the firm said.
Alkhabeer REIT Fund is currently investing in seven income-generating real estate assets in the Saudi cities of Tabuk, Riyadh, and Jeddah.
“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,” Alkhabeer Capital’s CEO Ahmed Saud Ghouth said.
