Alkhabeer REIT approves increase of total assets’ value, acquisition of new properties

Alkhabeer REIT Fund’s board of directors approved the terms and conditions related to broadening the fund’s asset base, fund manager Alkhabeer Capital said in a bourse filing.

The fund manager will submit these terms and conditions to the Capital Market Authority (CMA) and the Saudi Stock Exchange (Tadawul), seeking approval of increasing the fund’s asset value through acquiring new target real estate properties.

The new acquisitions will cover logistics, educational and industrial properties in Riyadh and Jeddah, which will be announced upon obtaining the necessary approvals and finalizing the due diligence review.

The fund manager expects a positive relevant impact.

Tadawul announced start of trading of Alkhabeer REIT Fund’s new units on Sept. 21, after approving of increasing the value of total assets from SAR 984.7 million to SAR 1.707 billion, Argaam reported. The fund acquired Elegance Tower, Farabi International Campus – Farabi Colleges, and training building in Ishbiliyah district.