Al Mal Capital REIT, the first real estate investment trust (REIT) listed on the Dubai Financial Market (DFM), has officially opened the subscription period for its Follow-on Public Offering (FPO), aiming to raise up to Dh242 million.
The FPO, approved by the Securities and Commodities Authority (SCA), will see the issuance of up to 220 million new units at Dh1.125 each, inclusive of a Dh0.025 subscription fee. The offering is open to both retail and institutional investors across the UAE and the GCC, with the subscription window running from July 7 to July 25, 2025.
Al Mal Capital REIT has built a strong performance record since 2023, delivering a 7% distributed return, underpinned by a fully occupied portfolio and a Weighted Average Unexpired Lease Term (WAULT) of around 20 years. The REIT is targeting consistent returns of approximately 7% for its investors.
Proceeds from the FPO will be directed toward expanding the REIT’s asset base with a focus on acquiring income-generating properties in resilient sectors such as healthcare, education, and mission-critical industrials. The strategy aims to boost both portfolio diversification and long-term growth.
To protect existing investors from ownership dilution, a priority allocation will be extended to unitholders listed as of June 26, 2025. These investors will be eligible to subscribe to roughly 39% or more of their current holdings. Any unsubscribed units will be made available in a secondary allocation, which includes a Minimum Guaranteed Allocation (MGA) of up to 2,000 units per eligible new subscriber, subject to demand and availability.
Unit allocation is scheduled between August 1 and 8, 2025, with trading expected to begin on DFM between August 8 and 15, pending regulatory approvals.
Subscriptions can be made through First Abu Dhabi Bank (FAB) branches, online and mobile banking services for FAB clients, via the Central Bank’s payment system, or through manager’s cheques. FAB is acting as the Lead Receiving Bank for the offering.
Al Mal Capital REIT is a closed-ended trust that invests in a diversified portfolio of UAE-based, income-generating properties. Backed by secure, long-term lease agreements, the REIT gives investors access to real estate assets in high-performing sectors including healthcare, education, and industrials—areas considered to have strong long-term fundamentals.
