Itqan Capital distributes profits of REIF-II
Jeddah, Saudi Arabia – March 8, 2015: Itqan Capital, Saudi Arabia-based investment company licensed by Capital Market Authority (CMA) and member of Al Baraka Banking Group, paid out 3.5% cash dividends to the investors in its Real Estate Income Fund- II (REIF-II), representing the second dividend pay-out, totalling 7% for the full year.
“The fund continues to accomplish its strategic objectives by investing in and managing income generating real estate properties in prime locations across major cities in the Kingdom of Saudi Arabia,” saidMr. Adil Saud Dahlawi, Managing Director and CEO of Itqan Capital.
Owing to the success of the private placement fund of REIF-I in 2012, Itqan Capital launched REIF -II in 2013 and later REIF- III in 2014 as part of its plan to introduce a series of real estate income generating funds catering to high net worth individuals, family offices and institutional investors. Itqan’s REIF-I and REIF-II were both first runner up for best Real Estate Fund at The MENA Fund Manager Awards in 2014 and 2015 that were held in Dubai.
Itqan Capital is an innovative investment company that aspires to be the Kingdom’s preeminent provider of investment solutions to pension funds, foundations, charity organizations, endowments, and private and public companies.
About Real Estate Income Fund-II “REIF-II” (private placement)
REIF-II is a privately placed, closed ended, medium-term fund established to acquire and operate income-generating properties over the life of the fund with the aim of selling such properties at the maturity date to generate attractive returns for investors. REIF–II was structured as a contractual arrangement between the Fund Manager and its investors pursuant to the regulation of Real Estate Investment Funds and Investment Funds issued by the Capital Market Authority in the Kingdom of Saudi Arabia.