CMA approves supplementary terms to increase Al Rajhi REIT asset value

The Capital Market Authority (CMA) approved on April 2 the supplementary terms and conditions related to the increase of the total value of the Al Rajhi REIT Fund assets, which will be used to complete the acquisition of two properties in Riyadh and Jeddah, fund manager Al Rajhi Capital said in a statement to Tadawul.

Al Rajhi Capital expects a positive impact on the fund's dividend distributions upon the completion of the offering.

The fund manager will invite the unitholders to vote on the decision to increase the total value of the fund’s assets, and to approve the supplementary annex to the fund's terms and conditions, the statement noted.

In November 2022, Al Rajhi REIT Fund’s board of directors approved the acquisition of two developed properties for SAR 930 million, located in Riyadh and Jeddah, Argaam earlier reported.