SEDCO Capital REIT announces terms, conditions for asset value increase

Logo of SEDCO Capital REIT Fund

SEDCO Capital announced the terms and conditions for the increase in the total assets of SEDCO Capital REIT Fund by approx. SAR 701.95 million, according to a bourse filing.
 

The assets will be increased as SEDCO will offer additional units (whether cash or in-kind) to acquire additional real estate assets from SEDCO Capital Real Estate Income Fund II and to pay the related expenses and costs.
 

E-voting will start on Sunday, Nov. 28, 2021 via Tadawulaty services. The offering period will start on Dec. 12 -16, 2021, as follows:
 

A total of 32.5 million units will be allocated to the owners of the additional portfolio as in-kind contribution.
 

The cash units will be allocated first to the fund’s unitholders registered on the general assembly meeting date, up to the maximum ownership ratio of each unitholder.
 

The remaining 20% will be allocated to institutional investors. If not covered by institutional investors, the remaining cash units, if any, will be allocated to registered and unregistered investors on the general assembly meeting date.
 

The fund manager said that the additional offering will be canceled and all subscription amounts will be refunded to investors in the following cases (unless the Capital Market Authority decides otherwise):
 

a) Inability to meet the collection of the total value of the fund's target assets after the date of the additional offering locks or extension after the CMA notice, or

b) If the number of unitholder’s is less than 200; or

c) If the public ownership of units is less than 30%; or

d) CMA has not approved the inclusion of units for any reason; or

e) Inability to transfer ownership of the assets that make up the additional investment portfolio for the benefit of the fund.
 

In the event of canceling the additional offering, all subscription amounts and fees received will be refunded to investors within 5 working days from the date of cancellation without deduction of any commissions, fines or any other amounts of subscription amounts.