Logo of SEDCO Capital REIT Fund
The subscription period to increase the total asset value of SEDCO Capital REIT Fund through an additional offering for investors will run10 business days from today, May 1, through May 14, at SAR 8.64 apiece.
The fund aims to increase the value of its total assets by SAR 600 million assuming the maximum limit, with a potential SAR 300 million minimum limit.
On April 17, SEDCO Capital REIT Fund’s unitholders approved increasing total asset value by SAR 600 million through issuing additional units to acquire Atelier La Vie, an income-generating structurally developed real estate property in Jeddah, according to data compiled by Argaam.
The fund will use the offering proceeds to purchase the property for SAR 492.5 million, plus the SAR 24.62 million real estate transaction tax, as well as the offering fees.
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Offer Details |
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Fund |
SEDCO Capital REIT Fund |
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Market |
Saudi Exchange (Tadawul) |
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Status |
Listed |
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Fund manager |
SEDCO Capital |
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Current capital at nominal value |
SAR 1.17 bln |
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Target capital at nominal value |
SAR 1.17 bln |
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Offer Type |
Second phase of increasing the fund's asset value |
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Subscription price |
SAR 8.64 apiece |
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Minimum cash subscription limit |
SAR 300 mln |
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Number of additional units |
34.72 mln |
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Maximum cash subscription limit |
SAR 600 mln |
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Number of additional units |
69.44 mln |
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Offer period |
10 business days from May 1-14, 2023 |
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Extension of the second additional offer period |
5 business days |
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Allotment period |
15 business days from the end of the second additional offer date maximum |
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Surplus Refunds |
15 business days from the end of the second additional offer date maximum |
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Acquisition and ownership transfer of the second additional investment portfolio and listing of additional units |
60 business days from the end of the second additional offer date maximum |
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Additional offer proceeds |
Item |
Value (SAR mln) |
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Purchase of the real estate investment portfolio |
492.50 |
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Real estate transaction tax |
24.63 |
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Brokerage fees |
14.16 |
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Acquisition and sale fees |
-- |
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Cash in the fund |
63.34 |
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Lead manager fees |
2.69 |
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Receiving banks fees |
1.84 |
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Legal advisor fees |
0.26 |
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Fees of registration, listing and arrangement for unitholders meeting |
0.59 |
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Total |
600.00 |
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Receiving banks |
Al Rajhi Bank, AlJazira Bank, Saudi National Bank (SNB) and Riyad Bank |
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In December 2021, the fund’s unitholders approved increasing the total asset value by approximately SAR 702 million through offering additional units (cash or in-kind) to acquire SEDCO Capital Real Estate Income Fund II's real estate portfolio.
The latter’s real estate portfolio comprises eight income-generating structurally developed real estate properties in different sectors across Riyadh and the Eastern Province. The portfolio is managed by SEDCO Capital, which is considered a related party.
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