SEDCO Capital signs deal to buy 8 properties worth SAR 700 mln to raise assets

Logo of SEDCO Capital

SEDCO Capital, the fund manager for SEDCO Capital REIT Fund, announced the measures taken to begin increasing the capital of the fund.

The fund manager said in a bourse statement that the measures are as follows:

- Signing a real estate sale and purchase agreement for the portfolio that SEDCO Capital wishes to acquire. It consists of eight developed and income-generating properties in different sectors, located between Riyadh and the Eastern Province, with value of around SAR 700 million.

- Conducting technical due diligence.

- Conducting legal due diligence.

In accordance with the regulations, SEDCO Capital will obtain the required approvals from the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and the majority of the unitholders to increase the total assets of the fund.

The fund manager will disclose any developments related to this matter in a timely manner.