Al Rajhi REIT Fund’s unit holders approve asset increase to SAR 2.41 bln

Al Rajhi Capital said on Sunday that the unit holders of Al Rajhi REIT Fund have agreed, during their meeting held on Oct 31, to increase the total asset value of the fund from SAR 1.72 billion to a maximum of SAR 2.41 billion by acquiring new real estate assets.

The company said in a statement to Tadawul that all amended terms and conditions of the fund were also approved during the meeting, including increase in the total value of the fund's assets, the size of the fund, the number of units of the fund, the definitions and risks of the fund, along with the mechanism to increase the total value of the fund's assets and the allocation mechanism.

Earlier, the Capital Market Authority approved the request of Al Rajhi Capital (as a fund manager) to increase the total asset value of the fund through issuing additional units to acquire new real estate assets.

In March, AlKhaleej Training signed an MoU with the Fund to sell and re-lease 3 real estate units. The MoU was extended to Nov 30.