UAE-based real estate fund Al Mal Capital Real Estate Investment Trust (AMCREIT) has announced a “significant” rights issue.
Following approval from the UAE Securities and Commodities Authority, the rights issue will begin on March 4.
Al Mal Capital is hoping to raise around US$200 million from the move, which will be used to fund the acquisition of educational and healthcare assets.
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The REIT has a current portfolio value of US$157.92 million, invested mostly in the educational sector.
The issuance will deliver a maximum of 400 million new units to current unitholders at a price of AED1.1 per share, thereby increasing share capital by approximately 114%.
“This significant rights issue is an important step in our journey to generate consistent and sustainable value for our investors,” said Al Mal Capital CEO and vice chairman Naser Al Nabulsi.