SEDCO Capital REIT says Al Rajhi Bank raised finance cap by SAR 450 mln

Logo of SEDCO Capital REIT Fund

Saudi Economic and Development Securities Co. (SEDCO Capital), in its capacity as the fund manager of SEDCO Capital REIT Fund, said that Al Rajhi Bank raised the limit of the fund’s facilities by SAR 450 million.

The fund manager said in a bourse filing that the total amount of facilities granted to the fund amounted to SAR 1.050 billion.

The measure coincides with the fund manager's announcement of acquiring a new real estate portfolio.

With the increased limit, SEDCO Capital used part of these facilities to acquire the new real estate portfolio and will also finance any future acquisitions that maximize target returns for unitholders and achieve the fund's objectives.

According to data compiled by Argaam, SEDCO Capital recently announced completing the acquisition of a real estate portfolio of eight income-generating properties located across Riyadh and the Eastern Province.