SEDCO Capital REIT’s additional offering 339% oversubscribed

Logo of SEDCO Capital REIT Fund

Saudi Economic and Development Securities Co. (SEDCO Capital), the fund manager of SEDCO Capital REIT Fund, announced the successful completion, on Dec. 16, of the cash subscription process to increase the total asset value of the fund at the upper limit.

The total value of requests amounted to SAR 848 million, where the coverage rate reached 339.22%, the company said in a bourse statement.

The subscription witnessed the participation of 227,192 individual and institutional investors with a total of 78,231 requests.

The units will be allocated within 15 business days from the closing date of the additional offering period in accordance with the allocation mechanism disclosed in the supplementary annex of the fund’s terms & conditions.

According to data compiled by Argaam, the subscription period to increase the total asset value of SEDCO Capital REIT Fund through additional offering for investors ran from Dec. 12, through Dec. 16.

The proceeds of the offering will be used to acquire additional real estate assets from SEDCO Capital Real Estate Income Fund II and to pay the related expenses and costs.

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