Shariah-compliant Jadwa REIT Saudi Fund's offering 714% oversubscribed

Jadwa Investment has increased the capital of the Jadwa REIT Saudi Fund by 16.9%

  
An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

REUTERS/Faisal Al Nasser
 
RIYADH: Jadwa Investment has increased the capital of the Jadwa REIT Saudi Fund by 16.9 percent to nearly SR2.56 billion, the company said in a statement.

The fund offered SR229.05 million in cash subscriptions, and received 30,582 requests with a total value of SR1.635 billion — resulting in a 714 percent oversubscription.

The unitholders’ subscriptions totaled SR1.2 billion, equivalent to a 524 percent coverage of the offering, the company said. The rest came from institutional and retail investors.

Jadwa REIT Saudi Fund is a closed-end, Shariah-compliant, real estate investment trading fund with a term of 99 years

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