Alkhabeer Capital, an asset management company specializing in alternative investments, has announced the successful closing of the initial public offering (IPO) of its newly launched Alkhabeer REIT Fund. The fund was oversubscribed at 104 percent and raised over SR247 million ($66 million), from 25,124 individual and institutional subscribers participating in the IPO.
Ahmed Saud Ghouth, chief executive of Alkhabeer Capital, said: “We are delighted at the successful response to our IPO, which makes the Alkhabeer REIT Fund another milestone in our journey of continuous success, and I would like to express our thanks and appreciation to our clients for their trust and assure them we will strive to achieve the investment objectives of the fund in their best interest and by meeting their expectations.”
Information about the units’ allocation and the refund of excess funds will be announced to investors within 10 business days from the IPO closing date.
The fund invests in seven income-generating real estate assets at prime locations in Riyadh, Jeddah and Tabuk.
Alkhabeer Capital, headquartered in Saudi Arabia, specializes in alternative investments and investment services. It is authorized by the Capital Markets Authority, license number 07074-37.
