Riyadh : Al Rajhi Capital , one of the largest investment firms in Saudi Arabia, has successfully closed its second real estate income-generating fund, with total equity of 678 million Saudi riyals, surpassing the fund's original target of 500 million riyal . The five-year closed-ended fund will invest in income generating properties, such as warehouses, community retail centres and other types of properties occupied by solid tenants with long-term leases. The objective of the fund is to provide its investors superior returns with balanced risk, bi-annually distributed current income, in addition to a potential for capital appreciation. The main geographic focus of the fund will be the Kingdom with an added optional flexibility to enhance return by investing in other selected GCC countries, when strategic opportunities arise. "We are very pleased with the successful outcome of total capital raised, particularly the fact that the Al Rajhi Real Estate Income Fund has managed to conclude its subscription offering well ahead of its originally set closing date", said Gaurav Shah , CEO of Al Rajhi Capital . "Receiving commitments from a sizeable proportion of repeat investors, coupled with attracting new investor categories is testament to the tremendous support and confidence our clients have entrusted us with. This is an opportune time to acquire stabilised, income-generating real estate assets in the GCC market, with a particular focus on the Kingdom's property sector", continued Shah.
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