Jadwa REIT Saudi SAR 370 mln assets increase to be effective on Sept. 26

Logo of Jadwa REIT Saudi Fund

Jadwa REIT Saudi Fund’s assets increase by SAR 370 million through cash or in-kind subscriptions, or both, will be effective from Sept. 26, fund manager Jadwa Investment said in a bourse statement.

This follows approvals from the Capital Market Authority (CMA) and unitholders on increasing the fund’s assets.

Last week, Jadwa REIT Saudi Fund unitholders approved increasing the fund’s total asset value by SAR 370 million through offering additional units for the purpose of acquiring a real estate asset and paying the related expenses and costs, according to data compiled by Argaam.

The fund signed in March an agreement to purchase a property in The Riyadh Boulevard, for SAR 320 million.

The purchase will be financed via increasing the total value of the fund's assets by SAR 370 million, via SAR 120 million in-kind contribution from the new asset seller and through issue of additional cash units worth SAR 250 million.

The new asset is a retail and office complex, spanning 18,854 square metres (sqm), with a built-up-area of 36,340 sqm, located on Prince Turki bin Abdulaziz Road in the Hittin district north of Riyadh.