Jadwa Investment announced the successful completion of the initial public offering of its second listed real estate fund, \u201cJadwa REIT Saudi,\u201d with an oversubscription ratio of 120.91:1 for the units offered. The number of fund units at the time of the offering was 158 million units, of which 30% were offered for public subscription (47.4 million units with a par value of 10 riyals per unit). The offering period ran from January 3, 2018, to January 23, 2018.<\/p>\n
Jadwa Investment announced that the number of institutional and individual subscribers reached 57,639, and the total amount raised in the initial public offering was 573 million riyals. The majority of the funds raised came from institutional investors, with institutional investors accounting for 53.91% of the subscription, while individual investors accounted for 46.11%.<\/p>\n
According to the fund\u2019s terms and conditions, \u00a0Jadwa Investment Company announced the allocation of all subscribed units to each investor, with a minimum of 50 units, and the allocation of the remaining units on a pro-rata basis at a rate of 81.771% for each subscription request exceeding the minimum.<\/p>\n
Jadwa Investment announced that the surplus will be refunded within five business days, and that the regulatory procedures for listing the units on the Saudi Stock Exchange (Tadawul) will be completed immediately.<\/p>\n
Commenting on the success of the public offering, Mr. Tariq Al-Sudairi, Managing Director and CEO of Jadwa Investment, said: \u201cThe Jadwa REIT Saudi Fund is expected to generate annual net income distributions of 7.31% to subscribers at par value, after deducting all fees and expenses, providing investors with an attractive return compared to distributions available in similar publicly traded real estate funds on a subscription price basis.\u201d He added that \u201cthe launch of the second Jadwa Real Estate Exchange-Traded Fund reflects the company\u2019s commitment to providing competitive real estate investment opportunities that allow for liquid investment in this sector without the need for substantial capital expenditures.\u201d.<\/p>\n
In describing the fund, Mr. Haitham Al-Ghanam, Head of the Alternative Investments Department at Jadwa Investment, said: \u201cThe initial portfolio consists of five fully-owned properties with a diverse range of assets, invested across various real estate sectors including education, commercial, industrial, and residential. The assets are also distinguished by their proximity to key market drivers. \u00a0Three of the properties in the initial portfolio are located in Riyadh and include an educational facility, a residential complex, and an industrial complex, while the Eastern Province includes an office tower and a mixed-use residential and commercial complex. The fund\u2019s assets have been leased to financially sound tenants for terms ranging from five to twenty years.\u201d<\/p>\n
Tariq Al-Sudairi added, \u201cThe Jadwa Saudi REIT, which is Jadwa\u2019s second offering in the listed real estate fund sector, is a continuation of the strategy the company has committed to for diversifying its investment portfolios in the Kingdom\u2019s real estate sector. Jadwa Investment will seek to add more assets to the fund through future acquisitions, God willing.\u201d<\/p>\n
Jadwa Investment offers a wide range of investment services and products that support the financial goals of individuals and institutions. The company provides diverse financial services, backed by its proven track record in asset management, private equity and real estate investments, investment advisory services, and investment banking advisory services, in line with its role as a comprehensive financial services firm.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>Jadwa Investment Company announced the successful completion of the initial public offering of its second real estate ETF, Jadwa REIT Saudi Arabia, with a coverage ratio of 120.9% for the units offered. The number of units of the fund is 158 million units, of which 30% were offered for public subscription (47.4 million units with a nominal value of 10 riyals per unit), where the offering period was from January 03, ... 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