— Derayah REIT, a Shariah-compliant close-ended traded real estate investment fund has successfully closed its subscription period on Jan. 7. Derayah Financial, the fund manager, said that the initial public offering of Derayah REIT on the Saudi Stock Exchange was 125 percent oversubscribed.
Over a subscription period of 8 business days, more than 10,500 subscribers participated in the IPO of the 36,174,421 units in Derayah REIT.
As per the fund manager, a minimum of 1,000 units will be allocated to each subscriber and the remaining offered units will be allocated pro rata to each subscriber.
Excess subscription amount will be returned to the subscribers within 15 business days from the end of the subscription period.
Derayah REIT has 15 real estate assets in more than 6 cities in Saudi Arabia and in five different real estate sectors. The offering period of Derayah REIT started on Dec 27th 2017 and ended on Jan 07th 2018.
© Copyright 2017 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).