(MENAFN- Muscat Daily) Muscat- Izdihar Real Estate Fund, which is managed by Bank Muscat, announced the acquisition of a prime property in the wilayat of Buraimi. The Buraimi Mall is the only mall of its kind in Buraimi offering a contemporary shopping experience.
The tenants of the mall include a three screen Cineplex, 50 stores and a large hypermarket. It is spread over an area of over 30,000sqm and has parking space for over 760 cars, positioning it as an easily accessible retail destination, according to a press release.
Sulaiman al Yahyai, chairman of Izdihar's fund management board, said, 'Izdihar's investments are backed by long-term leases, sound property management and attractive locations.
This allows the fund to successfully de-risk the current challenging financing and market environments. I am confident that this transaction marks another successful close for the fund in a short timeline and I compliment the private equity and asset management team at Bank Muscat for delivering on investor expectations.'
Izdihar is the first real estate investment trust (REIT) type of fund established in Oman, which offers attractive yield to investors. The fund has distributed an annualised dividend of more than ten per cent since 2016, far in excess of the seven-eight per cent per annum initial dividend target.
Owing to its outstanding performance, the existing investors subscribed to a rights issue in August 2017 making Izdihar among the largest funds in Oman. The fund has already made investments in excess of US$90mn and is targeting additional investments in excess of US$150mn in the next one to two years.
Abdullah al Hinai, general manager - wholesale banking at Bank Muscat, said, 'We thank the investors for their continuous support and commend the fund management team for closing this landmark transaction in a difficult market. We remain committed to the development of the local real estate market and the capital markets and look forward to making Izdihar the first billion dollar fund of Oman.'
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