Jadwa REIT Saudi board approves raising total asset value by SAR 370 mln to buy Riyadh property

Logo of Jadwa REIT Saudi Fund

The board of directors of Jadwa REIT Saudi Fund approved today, March 3, 2021, increasing the fund’s total asset value by SAR 370 million to buy a target new real estate asset in Riyadh, Jadwa Investment Co., the fund manager, said in a bourse filing.

The planned increase will be submitted by the fund manager to the Capital Market Authority (CMA) and the Saudi Stock Exchange (Tadawul) for approval.

The total value of the fund’s assets will be increased through accepting in-kind and cash subscriptions, after obtaining the necessary approvals for the acquisition of the target new asset, the fund manager said.

The target property is a retail and offices complex, the fund manager added, noting that it will announce more details about the target asset upon signing the sale and purchase agreement (SPA).

The fund manager expects that the related impact to be positive in general on the performance and financials of the fund.

Any developments in this regard will be announced duly, the fund manager added, noting that the planned increase is subject to the approval of CMA and Tadawul, as well as the fund's unitholders.