NCB Capital’s AlAhli REIT Fund (1) launches IPO

AlAhli REIT Fund (1) launched today its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), and will run until Dec. 19. 

The offering will run until Dec. 19, 2017.

Earlier this month, the CMA approved NCB Capital’s request to offer, register and list units of the AlAhli REIT Fund (1) on Tadawul.

The sharia-compliant REIT has a capital of SAR 1.375 billion. It will invest in developed, ready-to-use, income-generating real estate assets, including the Alandalus Mall and its adjacent hotel, the Staybridge Suites, located in Jeddah.

The fund will offer 41.25 million units to retail investors at a minimum subscription price of SAR 10,000 per unit.

Alandalus Property Company in April inked a memorandum of understanding (MoU) with NCB Capital to set up a Real Estate Investment Traded Fund (REIT) in which Alandalus would hold the majority stake.