Alkhabeer REIT gets CMA green light to increase total assets

Alkhabeer REIT Logo

Alkhabeer Capital, the Alkhabeer REIT Fund manager, received on Jan. 4, 2021, the Capital Market Authority’s (CMA) approval to increase the fund's total asset value, according to a bourse filing.

The move aims to acquire the following new real estate assets:

1) Vision College for Education (previously known as Al Farabi College for Education), located at Al-Rayyan district, east of Al-Haramain highway, Jeddah

2) Akun Cold Storages, warehouses located at the intersection of King Faisal Road and South Corniche Street, King Faisal Naval Base, Jeddah

3) Industrial and logistical assets of three factories located at Al-Obeikan Industrial City, Riyadh

The acquisitions will expand and diversify the fund's asset base, which is expected to positively impact the fund's results and performance.

The fund manager will announce any relevant developments in due course, including the amended terms and conditions, an invitation for the current unitholders to vote on the increase of fund's total assets, as well as the fundamental changes in the terms and conditions.