PHOTO
Shorooq, one of Dubai Residential REIT’s communities. Image courtesy: Dubai Residential REIT
Al Mal Capital REIT, the first real estate investment trust listed on the Dubai Financial Market (DFM), has launched a follow-on public offering (FPO) to raise up to 242 million dirhams ($65.8 million) to build up its portfolio of income-generating assets.
The REIT, managed by Al Mal Capital, a subsidiary of Dubai Investments group, plans to offer up to 220 million new units (if green shoe option is exercised) at AED 1.125 per unit.
The subscription window for the FPO will run through July 25, with the new units trading between August 8-15, subject to regulatory approvals.
The nominal value of the current fund's capital is AED 513.88 million.
(Writing by Brinda Darasha; editing by Daniel Luiz)
