Alinma Makkah Real Estate Fund has attracted subscriptions worth SAR 13.5 billion, fund manager Alinma Investment Co. said in a statement.

 

The size of the closed Islamic income-generating real estate fund is SAR 6.09 bln and was open for subscription from Sept. 18 to Oct. 17.

 

Units were allotted to subscribers at 34.22 percent pro-rata basis. Refunds will be paid during this week.

 

Last year, Jabal Omar Development Co. signed a five-month memorandum of understanding (MoU) with Alinma Investment to establish a fund that would sell and lease back real estate assets, data compiled by Argaam showed.

 

Alinma Makkah Fund’s Subscription Details

Fund size

SAR 6.09 bln

Total subscriptions

SAR 13.5 bln

Allocation percentage

34.2%

Allocation mechanism

Up to 1,000 units will be allocated to each subscriber. Remaining units will be distributed on a pro-rata basis.

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