Eskan Bank Realty Income Trust - EBRIT

Activities

Eskan Bank Realty Income Trust, was created through a trust instrument entered into between Bahrain Property Musharaka Trust (BPMT) as the Settlor and the Trustee on 3 November 2016 and was registered as a trust under the Financial Trust Law of Kingdom of Bahrain (law No. 23 of the year 2006 and as replaced by law No. 23 of 2016) with the Central Bank of Bahrain (the "CBB") under registration number FT/11/002/16 on 8 November 2016.

EBRIT is established as a closed-ended Shari'a compliant Bahrain Real Estate Investment Trust with a 100- year duration and has been authorized by the CBB to be constituted as a Bahrain domiciled retail Collective Investment Undertaking in derogation from Rule BRT-1.1.2 of Volume 7 of the CBB Rulebook.

At the inception of the Trust, the Trust had issued 198,000,000 units at a price of BD 0.100 per unit and a Net Asset Value of BD 0.101 per unit to the pre-Initial Public Offer unitholder Bahrain Property Musharaka Trust (BPMT). In consideration for the same, BPMT transferred the ownership of the Inaugural Trust Property to the Trust.

BPMT made an initial public offering of 144,394,499 units of EBRIT at an offer price of BD 0.100 to individuals and institutions in the Kingdom of Bahrain via a prospectus dated 15 November 2016. The initial public offering opened on 22 November 2016 and closed on 6 December 2016. The allotment of the units to the participants of the Initial Public Offering was made on 14 December 2016 and the units of EBRIT were listed on the Bahrain Bourse and commenced trading from 2 January 2017.

The primary objective of achieving an attractive level of return from rental income and long-term capital growth and to maximize stable income generation for the unitholders with a long-term approach and in a risk-adjusted manner.

EBRIT is overseen by Keypoint Trust B.S.C.(c) as the Trustee Custodian. Eskan Bank B.S.C (c), a bank incorporated in the Kingdom of Bahrain, has been appointed as the Investment Manager of EBRIT. SICO Fund Service B.S.C. (c) has been appointed as the Administrator of EBRIT.

EBRIT does not currently have any direct employees, however, it uses the services of a Trustee, Investment Manager, a Property Manager, a Property Appraiser, an Administrator and a Custodian for the management, administration and custody functions.