Logo of Al Rajhi REIT Fund
The subscription period to increase the total asset value of Al Rajhi REIT Fund through an additional offering for investors will start today, May 17, through May 30.
A total of 113.75 million units will be offered at SAR 8.90 apiece.
The fund aims to increase the value of its total assets to complete the acquisition of two assets, namely Riyadh Avenue Mall and Al-Henaki Business Centerin Jeddah.
In April, the Capital Market Authority (CMA) approved the fund manager’s request to increase the fund's total asset value through issuing additional units to acquire new real estate properties, according to data compiled by Argaam.
Subscription to additional units will be available to:
- Unitholders registered on the day of the unitholders’ meeting slated to approve the increase in the total assets and those wishing to participate in the additional units.
- Natural persons with Saudi nationality and GCC citizens.
- Natural persons residing in the Kingdom.
- Institutions, companies, investment funds and other entities, as well as legal persons based in Saudi Arabia, qualified foreign investors, and Gulf investors.
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Offer Details |
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Fund |
Al Rajhi REIT Fund |
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Fund assets before the increase |
SAR 2.06 bln |
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Number of additional units |
113.75 mln |
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Offering period |
10 business days from May 17-30, 2023 |
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Target offering proceeds |
SAR 1.01 bln |
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Offering price |
SAR 8.90/unit |
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Driver |
Acquiring real estate assets |
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Use of proceeds |
Acquiring real estate assets |
SAR 930 mln |
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Real estate transaction tax |
SAR 46.5 mln |
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Ownership transfer fees |
SAR 9.3 mln |
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Due diligence |
SAR 1 mln |
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Sales commission |
SAR 15.35 mln |
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Cash in the fund (to pay receiving entities’ fees and improvements in the fund’s properties) |
SAR 10.35 mln |
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The receiving entities are Riyad Bank, Alinma Bank, AlJazira Capital, Al Rajhi Bank, Arab National Bank and Banque Saudi Fransi.
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