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FINANCIAL NEWS
KSB real estate investment fund to collect USD53.32m for project
19 May 2011
(MENAFN) Saudi KSB Capital Group deputy CEO and head of asset management, Ibrahim Al Alwan, stated that the company plans on launching its real estate investment fund IPO (Initial public offering) in May, aimed at collecting USD53.32 million for a real estate project, reported Arab news.
Al Alwan also said that the KSB City Fund would offer 22.5 million units priced at USD2.6 per unit. He pointed out that the KSB discovered a gap between supply and demand and thus planned its fund.
The deputy CEO added that 80 percent of the collected fund would be floated to the public while the remaining 20 percent would be covered by the fund manager and related companies.
It is worth noting that the real estate project which the fund is planned to supply would be a closed residential luxury compound located in Riyadh, built on 66,000 square feet of land and would include 180 villas and 112 apartments.
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