Wasatah REIT Fund’s initial public offering (IPO) will start today and run up until February 1.

 

Subscription will be available through Al Rajhi Bank, National Commercial Bank (NCB), Arab National Bank (ANB), Riyad Bank and the website of fund manager Wasatah Capital. Minimum subscription amount is SAR 500.

 

The fund has a target size of SAR 1.08 billion and plans to offer 32.4 million units at SAR 10 each. Its initial assets include Mövenpick Hotel Riyadh and Coral Al Khobar Hotel.

 

Wasatah REIT aims to acquire developed income-generating properties and seeks to pay a minimum annual dividend of 90 percent from net income, exclusive of capital gains from the sale of constituent assets.

 

Subscription is open for qualified investors as specified by Capital Market Authority (CMA).

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