Listing on DFM expected to be in January 2021
BBN Report
DUBAI/December 28-2020: Al Mal Capital raised AED350 million in the initial public offering (IPO) of units in Al Mal Capital REIT that closed for subscription on December 8, 2020.
Al Mal Capital REIT that received SCA’s licence to operate as a real estate investment fund on December 21, 2020, will be the first to list on Dubai FInancial Market (DFM), hopefully in January 2021.
Al Mal Capital REIT plans to acquire a diversified portfolio of real estate properties targeting long-term lease agreements. The IPO proceeds along with Islamic financing from local banks will be utilised to invest in a diversified portfolio of high-performing UAE sectors, including healthcare, education and industrial assets, with a target annual return of 7 per cent.
Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital said the company could successfully raise the required amount for Al Mal Capital REIT, especially during the unprecedented times.
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