Al Maather real estate investment traded fund (Al Maather REIT) will start trading on the Saudi Stock Exchange (Tadawul) today under code 4334, with a daily price fluctuation limit at 10 percent per share.

 

The initial public offering (IPO) of Al Maather REIT, which ended on July 6, was oversubscribed by 1,520 percent, raising SAR 2.8 billion.

 

All of the fund’s initial investments are located in Riyadh, but it could diversify its investments across the Kingdom, in addition to investing up to 25 percent of the total value of its assets outside Saudi Arabia.

 

The fund manager will re-evaluate the assets every six month through two independent assessors.

 

Al Maather REIT is the fifth REIT to be listed on Tadawul after Riyad REIT last November, AlJazira Mawten REIT in February this year, Jadwa REIT Al Haramain Fund in April, and Taleem REIT in May.

 

Last month, the Kingdom’s Capital Market Authority (CMA) also approved the listing of Musharaka REIT on the Saudi bourse.

 

Al Ma’athar REIT Profile

Fund

AL Ma’athar REIT

Investment Purposes

Investing in structurally developed real estate that generates periodic rent income

Fund Size

SAR 613.7 mln

Subscription Fees

2% of total funds raised after completing public shareholders’ allotment process

Management Fees

0.5% of net fund’s assets per year. Calculated daily and payable every quarter

Minimum Subscription Limit

SAR 10,000+ subscription fees

Fund Manager

Osool & Bakheet

Fund Duration

99 years from listing

Cash Dividend

Annual cash dividend for unit holders of not less than 90% of the fund’s net profit for the first quarter in March every year.

Fund Trading

Similar to trading of equity shares

 

Performance of Saudi REITs Since Listing

REIT

Listing Price

Closing as of Aug. 21

Variation

Riyad REIT

10.00

12.42

+24%

Aljazira REIT

10.00

22.38

+124%

Jadwa Al Haramain

10.00

12.80

+28%

Taleem REIT

10.00

15.46

+55%

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