The Saudi Capital Market Authority (CMA) recently approved NCB Capital’s request to offer, register and list units of the AlAhli REIT Fund (1) on the Saudi Stock Exchange (Tadawul).
AlAhli REIT Fund’s (1) subscription started on Dec. 6 and will run until Dec. 19.
The sharia-compliant Real Estate Investment Traded Fund (REIT), which has a capital of SAR 1.375 billion, will be the largest fund of its type in terms of the value of assets.
A total of 41.25 million units will be offered, at a subscription price of SAR 10 per unit.
The REIT aims to generate semi-annual leasing income for investors and achieve asset growth.
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AlAhli REIT (1) Profile |
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Fund |
AlAhli Real Estate Investment Traded REIT(1) Fund, sharia-compliant REIT |
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Fund manager |
NCB Capital |
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Investment Purposes |
Investing in income-generating, developed real estate assets |
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Targeted assets |
Alandalus Mall and Staybridge Suites Jeddah |
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IPO period |
From Dec. 6 until Dec. 19, 2017 |
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Fund Size |
SAR 1.375 bln |
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Subscription fees |
2% of subscription amount |
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Management fees |
1% from total assets after deducting expenses per year, payable semi-annually |
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Funding |
The fund manager may obtain sharia-compliant financing, on the fund’s behalf, of not more than 50% of total assets. |
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Trading ban period |
Three years from the fund’s listing date for Alandalus Property Co. on 67.5 mln units, representing 50% of total fund’s assets. |
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Minimum Subscription Limit |
SAR 10,000 |
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Maximum Subscription Limit |
Less than 5% of total assets, or less than SAR 68.75 mln. |
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Cash Dividend |
Cash dividend for unit holders of not less than 90% of the fund’s net profit, twice a year |
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REIT’s trading |
Same as other Saudi-listed REITs |
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REIT Units |
|||
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Subscription type |
Number of units (mln) |
Unit value (SAR mln) |
Percentage of total fund value |
|
Alandalus Property Co. (material) |
94.5 |
945.0 |
68.73 % |
|
NCBC (monetary) |
1.75 |
17.5 |
1.27 % |
|
Public (monetary) |
41.25 |
412.5 |
30% |
|
Total |
137.50 |
1375.0 |
100 % |
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