Oman REIT Fund to launch its IPO on January 17

Oman REIT Fund to launch its IPO on January 17

Muscat: In what could be termed the biggest real estate fund listing in the Sultanate, Oman REIT Fund will be launching its initial public offering (IPO) from January 17. The 15-day IPO subscription period will end on January 31.Managed by Shumookh Fund Management, Oman REIT Fund offers OMR26 million worth of units priced 102 baisa per unit that is inclusive of an issue expense of 2 baisa.Distinguished as the first Omani real estate investment trust with a diversified and steady income-generating portfolio of assets in the Sultanate, the fund will be managed by an innovative investment strategy aimed at ensuring attractive returns for investors, according to Jasser Saleh al Aulaqi, CEO of Shumookh Fund Management.“The public offering provides a great opportunity for investors in the Sultanate to take advantage of the resilient and developed real estate in Oman and enjoy stable and sustainable income Offering a quarterly dividend that will provide an annual yield of more than seven per cent, Oman REIT Fund is designed to maximise unitholder returns through innovative fund management strategies that focus on organic growth of a truly diversified asset list,” he said.Pegged at 40 per cent of the fund's total issued capital valued at OMR65