Wasatah REIT to launch IPO Jan. 14

Wasatah REIT Fund’s initial public offering (IPO) will run from Jan. 14 to Jan. 25, fund manager Wasatah Capital said in a statement on Monday.

The fund manager will offer 32.4 million units at SAR 10 each.

Subscription will be available through Wasatah Capital website, Al Rajhi Bank and Arab National Bank (ANB) at a minimum value of SAR 10,000 and a maximum of SAR 54 million.

Wasatah REIT will have a target size of SAR 1.08 billion, the fund manager added.

The close-ended Sharia-compliant fund aims preliminarily to acquire Mövenpick Hotel Riyadh and Coral Al Khobar Hotel, with a target net yield of 6.1 percent.

Investment risks in the fund are medium to high. Accordingly, well-informed investors only are recommended to subscribe to the fund’s units.

Eligible investors are Saudis, GCC nationals, foreigners residing in Kingdom, institutions, companies, and investment funds operating in the Kingdom and the GCC, along with Qualified Foreign Investors (QFIs).

Wasatah REIT Fund
Fund structure	Close ended, Sharia-compliant REIT Fund
Offering period	From Jan. 14 to Jan. 25
Investment objectives	Acquire developed properties that generate regular income, distribute a regular income to unit holders at 90 percent minimum of net income over the fund term within 90 days of every calendar year, except for capital gains booked from sale of property assets. These properties will be reinvested in additional assets for shareholders interest.
Preliminary property assets	Mövenpick Hotel Riyadh, Coral Al Khobar Hotel.
Fund’s target size	SAR 1.08 bln
Total number of units	108 mln
IPO size	SAR 324 mln
Number of units offered	32.4 mln
Unit price	SAR 10
Minimum investment	SAR 10,000
Maximum investment	SAR 54 mln
Subscription fee	2 percent of the investment value
Dividends	90 percent of the fund’s annual income at least once per annum
Receiving entities	Al Rajhi Bank, Arab National Bank, Wasatah Capital website

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Popular Links

Quick Links

About Us

Join Us

Follow Us