Derayah REIT’s IPO 125% oversubscribed

14/01/2018 Argaam
Derayah REIT’s initial public offering (IPO) was 125 percent oversubscribed, fund manager Derayah Financial Corporation said in a statement.
 
A total of 10,562 subscribers raised up to SAR 451 million in funds.
 
One thousand units will be allocated to each investor, while the remaining units will be allocated pro rata, as per the total number of units amounting to SAR 361.7 million.
 
Refunds will be paid in 15 business days after end of offering.
 
Derayah REIT’s IPO ran from Dec. 27 to Jan. 7. The sharia-compliant fund offered SAR 361.7 million worth of assets to the public. It plans to distribute 90 percent of its profit semi-annually, with expected net returns of 7.22 percent over the next year.
 
Derayah REIT will have a fund size of SAR 1.17 billion, representing 15 properties in Riyadh, Jeddah, Dammam, Khobar, Jubail, and Al-Ahsa. The assets include offices, residential units, warehouses, hotels, and retail units.
 
 

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