The total value of the Gulf Real Estate REIT subscription reached approximately 3.95 billion riyals, with approximately 27,844 subscribers, including individuals, institutions, and investment funds, and a subscription coverage ratio of 20 times.

The company clarified in a statement that the units will be allocated equally among all subscribers based on the total value of the units offered, which amounts to 198.5 million riyals. It noted that the fund will begin refunding the excess to subscribers next week, and regulatory procedures for listing the units on the Saudi Stock Exchange (Tadawul) will be completed immediately.

On this occasion, Acting CEO Hisham Tafaha said that the fund will seek to offer investment opportunities in a diversified portfolio in terms of both asset quality and geographic distribution across three major cities: Riyadh, Jeddah, and Dammam. The fund has a size of 600 million Saudi riyals, and the total value of lease contracts for the assets targeted for acquisition is estimated at approximately 46.2 million riyals annually, The fund manager will distribute at least 90% of the rental income received to unit holders.

Tafaha explained that the fund will seek to explore new investment opportunities that can be acquired through the fund, in line with the global approach of REITs, It should be noted that the subscription period for the “Gulf Real Estate Fund,” with a total size of approximately 600 million riyals, began on September 11 and lasted for five business days, ending on September 17, 2017.