AlAhli REIT Fund says lockup period for Alandalus Property to begin at market debut

A three-year lockup period will be imposed on Alandalus Property, which owns an in-kind share in AlAhli REIT Fund (1), representing 67.5 million units, or 50 percent of the targeted gross asset value.

The restriction period will come into effect at debut date on the Saudi Stock Exchange (Tadawul), AlAhli REIT's terms and conditions showed.

The fund targets to acquire Alandalus Mall and the adjacent five-star Staybridge Suites Jeddah Alandalus Mall.

AlAhli REIT Fund's (1) initial public offering (IPO) was launched on Tadawul on Dec. 6 and will run until Dec. 19, Argaam earlier reported. 

The Sharia-compliant REIT, which has SAR 1.375 billion in capital, is offering 41.25 million units to retail investors at a minimum subscription price of SAR 10 per unit.