Saudi: Sedco Capital completes second capital hike of flagship REIT

Saudi: Sedco Capital completes second capital hike of flagship REIT

Sedco Capital, a global shariah-compliant and asset management and investment advisory firm has announced that it has successfully completed the second capital increase of its flagship Sedco Capital REIT Fund.

Following the completion of the additional offering, the total asset value of the Fund has reached SR2.45 billion ($652 million), thus positioning it as one of the largest REITs on the Saudi Exchange.

According to Sedco, the fund has received 65,230 subscription requests from 135,852 individual and institutional investors. The successful offering resulted in a 141% oversubscription with the total value of requests amounting to SR855.7 million.

The units will be allocated to the unitholders within 15 business days from the closing date of the additional offering period in accordance with the allocation mechanism disclosed in the supplementary appendix of the Fund’s terms & conditions, it stated.

The Fund’s latest capital increase follows the acquisition of Atelier LaVie, a new entertainment destination in Jeddah’s Al Shati district strategically located along King Abdulaziz Road (Al Malik Road), one of city’s arterial roads.

The location of the property is also distinguished by its proximity to main landmarks, such as the waterfront, the Formula 1 racing circuit, and the City Walk. The pedestrian-friendly mixed-use development includes F&B, entertainment,