MEFIC REIT’s offering extended until May 15

Saudi market regulator, the Capital Market Authority (CMA), has approved the request of MEFIC REIT to extend the fund’s offering to additional ten days until May 15, 2018.

The offering, which started on April 4 on Saudi Stock Exchange (Tadawul), was extended upon the request of some investors.

The REIT said its asset base comprises eight real estate assets worth SAR 1.2 billion, located in Saudi Arabia and UAE. These assets include offices, residential units, warehouses, hotels and retail space.

The fund announced it will ensure a minimum return of five percent to unit holders, though annual returns may surpass that percentage, based on market conditions. It targets a net return of 7.5 percent for 2018 that rises gradually to 7.9 percent in 2021.

It has a total size of SAR 1.23 billion, and is offering 87.95 million units in initial public offering (IPO) at SAR 10 per unit (71.5 percent of capital).