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Al Mal Capital, an asset management subsidiary of Dubai Investments, raised Dh350 million ($95.37m) through the public float of its real estate investment trust, or
Reit
.
Al Mal Capital Reit closed its initial public offering on December 8 and received regulatory approval to operate as a property
investment fund last week, the company said in a statement to the Dubai Financial Market on Monday.
The Reit will begin
trading on the Dubai bourse in January, once it receives final approval from the DFM and the Securities and Commodities Authority, it said.
“We are proud that we have successfully raised the required amount for Al Mal Capital Reit, especially during the unprecedented times we faced this year,” said Naser Al Nabulsi, vice chairman and chief executive of Al Mal Capital
Dubai: Dubai s first IPO (initial public offering) in some time, Al Mal Capital, raised Dh350 million for its real estate investment trust (REIT). The issue. which closed its subscription on December 8, will be listing its shares in January.
With the funds in place, Al Mal Capital REIT plans to acquire a diversified portfolio of properties with long-term lease agreements. The IPO proceeds along with Islamic financing from local banks will be utilized to invest in such a portfolio spanning healthcare, education and industrial assets. The intended annual return is 7 per cent.
The last IPO on DFM was Emaar Development s in late 2017.