Alkhabeer REIT drawing strong turnout for IPO, says fund manager

Alkhabeer REIT Fund’s initial public offering (IPO) is receiving strong turnout by investors looking to capitalize on the opportunities offered by the fund, fund manager Alkhabeer Capital said in a statement.

“The ongoing IPO is drawing strong interest by investors, driven by Alkhabeer REIT’s target annual return of over 9 percent,” said Ahmed Ghouth, Chief Executive Officer of Alkhabeer Capital.

The IPO, which began on Nov. 11, will run until Thursday, Nov. 29. The receiving banks include Aljazira Capital, National Commercial Bank (NCB), Riyad Bank, Al Rajhi Bank, Arab National Bank (ANB) and Banque Saudi Fransi (BSF).

Alkhabeer REIT has offered 24 percent of assets at a total value of SAR 237 million.

The fund’s total assets are valued at over SAR 1 billion, the statement added.

Alkhabeer Capital has a real estate portfolio of more than SAR 3.6 billion as on December 31, 2017, Argaam earlier reported.