Al Mal Capital REIT plans to raise a maximum of AED 440 million to further accelerate growth and diversify our portfolio of real estate assets. The proceeds from the capital increase, in addition to bank funding, are expected to increase the portfolio size to c. AED 1.3 billion. Al Mal Capital REIT (\u201cAMCREIT\u201d), the first REIT listed on DFM and managed by Al Mal Capital PSC, a subsidiary of Dubai Investments PJSC, is pleased to announce a significant rights issue to commence on Monday 4th March 2024. The rights issue follows approval granted by the UAE\u2019 Securities and Commodities Authority (SCA) and proceeds raised will fund the acquisitions of additional income generating educational and healthcare assets to strengthen AMCREIT\u2019s portfolio and help create sustainable value for unitholders.<\/p>\n
AMCREIT has an existing portfolio size of c. AED 580 million, invested in a diversified portfolio of income-generating educational assets in the UAE. The fund has an investment strategy focused on strong-performing sectors such as healthcare, education, and industrials. This is based on secure long-term lease agreements with strong credit profile operators, offering UAE and GCC investors access to an asset class with strong value creation fundamentals \u2013 generating a target return of 7%.<\/p>\n
The issuance will deliver a maximum of four-hundred million new units to existing unitholders at a price of AED 1.1 per share \u2013 increasing the share capital by approximately 114% to c. AED 750 million, in addition to raising AED 40 million via issue premium, totalling aggregate unitholders\u2019 equity of AED 790 million following the capital increase. The capital raised by the rights issue will further enhance AMCREIT\u2019s offering, by acquiring strategic and high potential assets in specified sectors, diversifying the REIT\u2019s portfolio, and enhancing overall stability, generating further yield on behalf of investors.<\/p>\n
The rights issue entitles all AMCREIT unitholders to subscribe to the newly issued units \u2013 with each subscribing unitholder to be issued 1 \u2018right\u2019 for every .875 units of ownership at a subscription price of 1.1 AED per unit. Unitholders\u2019 will also be entitled to sell these rights to other interested investors on the Dubai Financial Market during the trading of rights period which is scheduled to begin Monday 26th February 2024.<\/p>\n
Naser Al Nabulsi, CEO and Vice Chairman of Al Mal Capital, commented: \u201cThis significant rights issue is an important step in our journey to generate consistent and sustainable value for our investors, solidifying our position as a leading real estate asset manager and investor in the Gulf. We recognise that there are significant untapped opportunities in the commercial real estate sector, and we remain focused on identifying and acquiring those assets that are strategically aligned with our vision. We pride ourselves on our performance, consistently delivering robust growth and yield. This transaction heralds the next stage of our growth journey as we look to continue delivering value for investors in the Gulf.\u201d<\/p>\n
Detailed information about the rights issue, including the timeline and subscription process, were communicated through official channels, including the AMCREIT\u2019s website and regulatory filings via DFM.<\/p>\n
Key dates*:
\n\u2022 Rights eligibility date: Friday 23rd February 2024
\n\u2022 Trading of rights period: Monday 26th February 2024 until Friday 15th March 2024
\n\u2022 Subscription period: Monday 4th March 2024, until Friday 22nd March 2024
\n\u2022 Allocation Date: Friday 29th March 2024<\/p>\n
For further information and detailed terms and conditions, please refer to the rights issue prospectus<\/a> and visit www.almalcapitalreit.com<\/a>, and find the FAQs, here link here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Al Mal Capital REIT plans to raise a maximum of AED 440 million to further accelerate growth and diversify our portfolio of real estate assets. The proceeds from the capital increase, in addition to bank funding, are expected to increase the portfolio size to c. AED 1.3 billion. Al Mal Capital REIT (\u201cAMCREIT\u201d), the first […]<\/p>\n","protected":false},"author":2,"featured_media":2237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/posts\/1853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/comments?post=1853"}],"version-history":[{"count":6,"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/posts\/1853\/revisions"}],"predecessor-version":[{"id":2232,"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/posts\/1853\/revisions\/2232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/media\/2237"}],"wp:attachment":[{"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/media?parent=1853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/categories?post=1853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.almalcapital.com\/index.php\/wp-json\/wp\/v2\/tags?post=1853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}