Riyad REIT’s capital hike begins April 1

Riyad REIT Fund’s capital hike subscription period will start on Sunday April 1 and will continue until Thursday April 12, fund manager Riyad Capital said in a bourse statement.

Participation in the capital increase will be available to all investors, whether current unit holders or other investors.

The subscription will be available through Riyad Bank, National Commercial Bank (NCB), Al Rajhi Bank, Banque Saudi Fransi (BSF) and Riyad Capital, with a minimum subscription of 50 units at a price of SAR 9.31 per unit, totaling SAR 465.50, the statement said.

Earlier this month, the fund’s unitholders approved a capital increase to SAR 1.633 billion from SAR 500 million, in order to acquire new real estate assets, according to data compiled by Argaam.

The fund will sell 121.7 million units at a target price of SAR 9.31 per unit— 67.99 million units for in-kind subscriptions, and 53.71 million units for cash subscriptions.

Riyad REIT Fund is one of the largest real estate investment funds. The Fund's capital will reach SAR 1.75 billion after the capital increase, distributed over 11 real estate properties, making it one of the most diversified REITs in the Saudi market.