Alkhabeer REIT IPO to close Nov. 29

Alkhabeer REIT's initial public offering (IPO) will close on Thursday, Nov. 29, Ahmed Saud Ghouth, Chief Executive Officer of Alkhabeer Capital, said.

"The IPO process is going smoothly. It received strong turnout from investors, thanks to the unique privileges of the Sharia-compliant fund, which offers one of the market's highest returns at over 9 percent annually," Ghouth added.

Alkhabeer REIT invests in seven income-generating real estate assets at prime locations in Riyadh, Jeddah and Tabuk.

Alkhabeer Capital had a real estate portfolio of more than SAR 3.6 billion as on December 31, 2017, managed by ten REITs, which own several realty projects in Jeddah, Riyadh, Al Khobar and Makkah.

A 24 percent of the fund's assets were offered at a total value of SAR 237 million.

The receiving banks include National Commercial Bank (NCB), Riyad Bank, Al Rajhi Bank, Arab National Bank (ANB), Banque Saudi Fransi (BSF) and Aljazira Capital.

The offering began on Nov. 11, Argaam earlier reported.