Al Mashaar REIT units hits highest closing since listing, surge 57% in 2 months

Units of Al Mashaar REIT Fund hit today, May 27, 2021, their highest level since listing, at SAR 11.18 per share.

The fund closed with an increase of 1% at SAR 11.04 per unit, amid active trading, with volume of nearly 4.3 million units, making 57% gains in a two-month period.

Al Mashaar REIT was established in October 2017 and was listed on the Saudi market on Jan. 18, 2018.

The fund is a close-ended Shariah-compliant real estate investment traded fund.

It operates in accordance with the Investment Funds Regulations and the Instructions on Real Estate Investment Traded Funds issued by the Capital Market Authority.

The fund's main objective is to provide current income to investors by investing in structurally developed and income-generating real estate assets through investing at least 55% of the total value of the fund's assets according to the latest audited financial statements in Makkah and Madinah, and no more than 45% in the rest of Saudi Arabia. The fund does not invest in idle land.

In addition, the fund invests mainly in developed and income-generating properties in Saudi Arabia. However, it may invest in properties outside the Kingdom that do not exceed 25% of the total value of the fund's assets.

Al Mashaar REIT is managed by Muscat Capital, with an authorized capital of SAR 572.4 million, divided into 57.24 million units.