Riyadh – Mubasher: Al Rajhi Capital announced the result of the initial public offering (IPO) for its real estate investment trust (Al Rajhi REIT) total asset value, which was covered by 78.63%.

The IPO, which was completed on 18 December, ended with 13.251 million of subscribed units, and the participation of 16,031 subscribers, according to a statement to the Saudi Stock Exchange (Tadawul).

The total value of the subscribed units reached SAR 116.62 million.

The allocation of units to the holders will be finalised within 15 working days as from the subscription period.

Al Rajhi said that it will finalise the takeover of educational properties from AlKhaleeji Training and Education Company, utilising the proceeds from the IPO, and benefiting from the financing facility of REIT Fund, according to the Tadawul disclosure.

On a side note, Al Rajhi said that it subscribed for SAR 30 million equivalent to 20.23% cash contribution during the subscription period of Al REIT’s total asset value increase programme.