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Dubai: Oman’s Jabal Asset Management announces the listing of its jabal real estate investment fund – Jabal REIF – on the Muscat Stock Exchange (MSX) following an Initial Public Offering (IPO) last month.
Jabal REIF has a capital of $45 million (Dh165 million), divided into 174,000,000 units.
The subscription period for the fund was from June 13 to June 27, 2024, witnessing significant investor interest that surpassed the minimum target capital on the first day.
Structured as a closed-ended fund under REIF regulations and listed on MSX, the fund aims to invest in high-quality, income-generating commercial properties with stable tenant profiles. It includes two anchor assets: An office building and a warehousing complex in Oman, both boasting over 90 per cent occupancy rates and leased to a diverse tenant base.
Jabal Asset Management acts as the investment manager, while Sohar International Bank serves as the custodian and administrator of the fund.
A dedicated property manager will ensure effective management and oversight of the properties. The management team will seek new opportunities to optimise financial performance.
The fund initially refrains from leveraging for property acquisitions, potentially enhancing returns through future leverage, up to 60 per cent in accordance with REIF regulations.
It targets long-term total returns exceeding inflation and deposit rates, with quarterly dividend distributions offering regular cash income to investors.
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