Alinma Makkah Real Estate Fund has attracted subscriptions worth SAR 13.5 billion, fund manager Alinma Investment Co. said in a statement.
The size of the closed Islamic income-generating real estate fund is SAR 6.09 bln and was open for subscription from Sept. 18 to Oct. 17.
Units were allotted to subscribers at 34.22 percent pro-rata basis. Refunds will be paid during this week.
Last year, Jabal Omar Development Co. signed a five-month memorandum of understanding (MoU) with Alinma Investment to establish a fund that would sell and lease back real estate assets, data compiled by Argaam showed.
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Alinma Makkah Fund’s Subscription Details |
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Fund size |
SAR 6.09 bln |
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Total subscriptions |
SAR 13.5 bln |
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Allocation percentage |
34.2% |
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Allocation mechanism |
Up to 1,000 units will be allocated to each subscriber. Remaining units will be distributed on a pro-rata basis. |
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