SEDCO Capital REIT expects positive impact on dividends, performance after asset increase

Logo of SEDCO Capital REIT Fund

SEDCO Capital, the fund manager for SEDCO Capital REIT Fund, expects that the fund's assets increase by SAR 701.95 million to have a positive impact on its distribution and performance.

The fund manager clarified today, Nov. 17, in a bourse filing, that the assets increase came to acquire a real estate portfolio consisting of eight structurally developed and income-generating properties in different sectors.

These properties are distributed between Riyadh and the Eastern Province, according to the following:

- Four educational buildings in Riyadh: Almanahij Schools, Dar Al Baraa Schools, Amjad Qortuba, and AlOlaya Schools.

- Two commercial centers in Riyadh: Alhamra Plaza and Irqa Plaza.

- Two commercial centers in Dammam: Extra and Hyper Panda.

The fund manager expects a positive impact on the fund's distribution and performance.

Subsequently, SEDCO Capital will invite the unitholders to vote on the fund’s assets increase and approve the supplementary appendix.

In July, SEDCO Capital REIT signed an agreement to acquire eight properties with a value of approximately SAR 700 million to raise the fund's assets, according to data compiled by Argaam.

On Nov. 16, the Capital Market Authority (CMA) approved the request submitted by SEDCO Capital, to increase the total value of SEDCO Capital REIT Fund’s assets by offering additional units to acquire new real estate assets.