Al Mal Capital's REIT raises $95.3mln in IPO ahead of Dubai listing | ZAWYA MENA Edition
Asset management firm Al Mal Capital has raised 350 million dirhams ($95.29 million) from the initial public offering (IPO) of its property fund.
The subsidiary of Dubai Investments had earlier floated its newly founded real estate investment trust (REIT) on the Dubai Financial Market (DFM). The proceeds were meant to invest in a diversified portfolio of assets.
“We are proud that we have successfully raised the required amount for Al Mal Capital REIT, especially during the unprecedented times we faced this year. We are confident that the REIT will continue to meet investors’ needs, as we begin to purchase and acquire income-generating real estate assets,” said Naser Al Nabulsi, vice chairman and CEO of Al Mal Capital.
Al Mal Capital REIT secured a license to operate as a real estate investment fund on December 21, 2020. Following the IPO, the REIT’s shares will be listed on the bourse in January 2021.
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