Riyadh – Mubasher: Saudi Arabia-based Derayah Financial said that subscription in the initial public offering (IPO) of its fund Derayah real estate investment traded fund (Derayah REIT Fund) will start on Wednesday, 27 December.
Derayah REIT is expected to be one of the largest funds at a volume of SAR 1.17 billion, according to a statement to the Saudi Stock Exchange (Tadawul).
Derayah Financial stated that the IPO subscription requests will be submitted through Riyad Bank, the National Commercial Bank (NCB), Arab National Bank (ANB), and Derayah Financial.
The IPO will end on Sunday, 7 January 2018.
The fund will offer SAR 36.17 million units to the public, representing 30% of capital, at a par value of SAR 10 per unit.
The minimum value to subscribe in the fund is SAR 10,000.
Derayah REIT aims to distribute 7.22% cash dividends annually for two times in year.
The fund’s properties are located in six cities in the Kingdom and in five different real estate sectors.
