Al Khabeer Capital, a major asset management and alternative investments group in Saudi Arabia, has announced the successful closing of the subscription to the additional offering of its real estate investment trust Expert REIT Fund, with coverage exceeding 104 per cent of the total cash offering.
The “Expert REIT Fund” is a closed public traded real estate investment fund that complies with the regulations of the Sharia Board. It was listed on the Tadawul financial market on March 20, 2019.
With this successful closing of the REIT, the total value of the fund’s assets is poised to hit SR1.71 billion ($455.6 million), thus registering a 70% increase.
Commenting on the achievement, CEO Ahmed Saud Ghouth said: "I am pleased to announce the success of the additional offering process, in a step in line with the fund’s long-term strategy, which focuses on achieving continuous cash flows through investment in income-generating assets, and acquisition of three additional properties."
"The process of allocating units to subscribers and returning the surplus will take 15 working days from the date of the end of the offering period, and the time period for the acquisition, transfer of ownership of assets and listing of the fund units in “Tadawul” is 60 working days from the date of the end of the offering period," he added.
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