Jeddah, December 04, 2018 - King & Spalding LLP (in cooperation with The Law Office of Mohammed AlAmmar) acted as counsel to Alkhabeer Capital, an asset manager specialized in alternative investments, on the successful establishment and closing of the initial public offering of its newly-launched Alkhabeer REIT.
The offering and listing of Alkhabeer REIT on the Saudi Stock Exchange (Tadawul) was approved by the Saudi Arabian Capital Market Authority on October 16, 2018. The REIT was oversubscribed at 104% and raised over SAR 247 million from 25,124 individual and institutional investors.
Alkhabeer REIT is a closed-ended Shari’ah compliant real estate investment traded fund that will invest in a diverse portfolio of income generating properties in Saudi Arabia, including retail, residential and mixed-use properties at prime locations in Riyadh, Jeddah and Tabuk.
The King & Spalding team on the matter was led by partner James Stull and associate Sayf Shuqair and included partner Moustafa Said, counsel Mohammed AlAmmar and associates Dora Chan and Hamzeh Al-Rasheed.
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