Post by congregatio on Jan 4, 2018 11:08:15 GMT 4
RIYADH — Jadwa Investment, a leading investment management and advisory firm, announced Tuesday the offering of its second Shariah-compliant real estate investment traded fund, “Jadwa REIT Saudi Fund”.
The new REIT fund will aim to invest in a diversified manner across the Kingdom, and comes on the back of the successful launch of Jadwa’s geographically focused “Jadwa REIT Al Haramain Fund”, which specializes in investing in real estate properties within the two holy cities of Makkah and Madinah.
The REIT has an initial size of SR1.58 billion, of which 30%, or SR474 million, will be offered to the general public through an initial public offer during the period of Jan. 3 to Jan. 23. Jadwa Investment will additionally invest SR89.4 million into the fund.
The equity-financed REIT will offer an initial net dividend yield of 7.3% in the form of quarterly distributions. The fund will acquire an initial portfolio of five freehold real estate assets in the Central and Eastern Provinces of Saudi Arabia, diversified across the educational, commercial, industrial and residential sectors.
Subscription will be available across the Kingdom through Banque Saudi Fransi, National Commercial Bank, Al Rajhi Bank, Riyad Bank, and Jadwa Investment offices and website for the duration of the offering period.