Alkhabeer Capital approves asset increase by SAR 1.53 bln through acquisition of 3 properties

Logo of Alkhabeer REIT Fund

Alkhabeer Capital, the fund manager of Alkhabeer REIT Fund, announced that the fund's board of directors approved, on July 15, increasing the total value of the fund’s assets through the acquisition of three properties at a total value of SAR 1.53 billion, according to a filing to Tadawul.

The fund manager signed memoranda of understanding (MoUs) with the property owners, the statement said, adding that the properties are two commercial centers in Riyadh and Jeddah, and a residential compound in Al-Khobar.

Alkhabeer Capital will disclose any developments in this regard.

The asset increase is subject to the approvals of the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and the fund's unitholders.

The fund manager expects that this development will reflect positively on the fund's performance and results. On June 17, 2021, Alkhabeer REIT Fund announced the successful completion of the cash subscription process in the second increase in the total value of the fund’s assets, where 307.36% of the total cash offering volume was oversubscribed.

The subscription to increase the total asset value of Alkhabeer REIT Fund through additional public offering started on May 30 to increase the total value of assets by SAR 335.5 million to SAR 2.062 billion, from SAR 1.727 billion.

The fund offered a total of 15.74 million units, worth SAR 138.82 million, in cash.

The fund recently completed the acquisition of Vision College for Education and Akun Cold Storages, according to data compiled by Argaam.

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