Alkhabeer REIT unitholders to vote on increasing asset value by SAR 335.5 mln on April 25

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Alkhabeer REIT Fund's unitholders are set to vote on increasing the fund's total assets by nearly SAR 335.5 million, during the meeting that will be held on April 25, 2021, fund manager Alkhabeer Capital said in a bourse statement today, April 6, 2021.

The increase will be initiated by offering additional units to acquire more real estate assets and pay the related expenses and costs.

The fund recently obtained the necessary approvals to update the asset value increase file, Argaam earlier reported.

On Jan. 4, 2021, the fund received the Capital Market Authority’s (CMA) approval to increase the fund's total asset value.

The move aims to acquire the following new real estate assets:

1) Vision College for Education (previously known as Al Farabi College for Education), located at Al-Rayyan district, east of Al-Haramain highway, Jeddah

2) Akun Cold Storages, warehouses located at the intersection of King Faisal Road and South Corniche Street, King Faisal Naval Base, Jeddah

3) Industrial and logistical assets of three factories located at Al-Obeikan Industrial City, Riyadh

The acquisitions will expand and diversify the fund's asset base, which is expected to positively impact the fund's results and performance.

The fund manager will announce any relevant developments in due course, including the amended terms and conditions, an invitation for the current unitholders to vote on the increase of fund's total assets, as well as the fundamental changes in the terms and conditions.