Bahrain’s Eskan REIT now open to expats and foreigners

Bahrain REIT

Bahrain’s Eskan Bank Realty Income Trust (REIT) has stated that expatriates and foreign investors can now purchase and trade in units of the trust on the Bahrain Bourse.

With a target of 6.5 per cent in net distributable income payable semi-annually, the trust was opened to expats and foreigners following approval by the Central Bank of Bahrain. Bahrain’s first Sharia-compliant retail real estate investment trust (REIT), the trust is the first to be listed on the bourse and also the first un-leveraged listed REIT in the GCC.

Moreover, investors can easily liquidate their shares by converting units to cash via trades on the Bahrain Bourse. The properties of the trust, which include retail, office, and residential, have an occupancy rate of over 86%.

Dr. Khalid Abdulla, the general manager of Eskan Bank, said: “We are delighted that expatriates and foreign investors will now be able to buy and trade in units of the Eskan Bank Realty Income Trust. This will provide the trust with a more diversified unitholder base and greater global funding potential. It will also enable investors, regardless of nationality, to share in the ongoing development of Bahrain’s real estate sector and national economy.”

The trust has also announced that the first semi-annual (January to June) dividend of the REIT will be distributed in early September 2017.