The subscription period to increase the total asset value of Alkhabeer REIT Fund through public offering for investors will run from today, Sunday, July 19, through August 6, 2020.
On July 5, the unit holders approved increasing the total asset value of the fund by SAR 722.8 million through issuing additional units and securing extra Shariah-compliant financing.
The fund will offer 36.53 million units to raise its total asset value from SAR 984.7 million to SAR 1.707 billion, as follows:
-A total of 32.7 million units worth SAR 327.3 million will be offered in kind to sellers of new real estate assets, in consideration of their in-kind contribution.
-A total of 3.8 million units worth SAR 37.96 million will be offered in cash.
The move will bring up the fund’s total units to 102.97 million and raise its capital to SAR 1.029 billion.
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Alkhabeer REIT Profile |
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|
Capital |
SAR664.42 mln |
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Current number of units |
66.44 mln units |
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Total assets value as of Dec. 31, 2019 |
SAR 984.71 mln |
|
Withdrawn funding |
SAR340.00 mln |
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Additional Offering Profile |
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|
Fund Capital after the additional offering |
SAR1029.71 mln |
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Increase in Fund Capital |
SAR365.29 mln |
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New number of units |
102.97 mln units |
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Increase in number of units |
36.53 mln units |
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Fund assets following the additional offering |
SAR1707.52 mln |
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Increase in fund value |
SAR722.80 mln |
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Withdrawn funding |
SAR737.50 mln |
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Increase in withdrawn funding |
SAR397.50 mln |
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Offering objective |
Acquiring additional real estate assets |
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Number of additional units |
36.53 mln units |
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Number of units offered for in-kind contributions |
32.73 mln units |
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Number of units offered for cash contributions |
3.79 mln units |
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Targeted offering price per unit |
SAR 8.91 |
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Total subscriptions value |
SAR325.30 mln |
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The increase in capital nominal value |
SAR365.29 mln |
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Targeted increase in total fund’s value |
SAR722.80 mln |
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Eligible subscribers |
All investors |
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Minimum subscription limit |
SAR 500 (No maximum limit) |
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Allotment methodology |
Monetary units to be allotted first to registered unit holders at the unit holders meeting day willing to subscribe to monetary units at a prorata basis. Remaining units, if any, will be allocated to other investors |
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Offering period |
10 business days from July 19 to August 6, 2020 |
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Additional offering period |
Offering period could be extended for 15 business days after obtaining CMA approval |
The fund aims to acquire three assets, namely Elegance Tower, AlFarabi Colleges building, as well as under-construction AlFarabi Colleges training building.
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Details of New Real Estate Assets |
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Asset |
Acquisition Value (SAR mln) |
Net rental income (SAR mln) |
Net yield (%) |
|
Elegance Tower |
414 |
30 |
7.02% |
|
AlFarabi Colleges |
210 |
16 |
7.38% |
|
AlFarabi Colleges training building |
65 |
6,50 |
9.71% |
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Total |
706.23** |
52.16 |
7.39% |
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Property type |
Development status |
Building area (‘000 sqm) |
|
|
Elegance Tower |
Office |
Developed |
58,27 |
|
AlFarabi Colleges |
Educational |
Developed |
44.11 |
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AlFarabi Colleges training building |
Educational |
Under construction |
48.77* |
*One of the basement floors of an area of 11,300 sqm was not developed as per the license, which brings the total area to 37,450 sqm.
**Acquisition value without commission.
According to the data available on Argaam, the fund started trading on the Saudi Stock Exchange (Tadawul) on March 20, 2019.
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