Alkhabeer REIT drops plans to acquire Al-Khobar property, increase assets

Logo of Alkhabeer REIT Fund 

Alkhabeer REIT Fund will not proceed with the acquisition of the residential compound in Al-Khobar, fund manager Alkhabeer Capital said in a bourse statement.

Accordingly, this led to the withdrawal and cancellation of the request to increase the total value of the fund's assets at present.

There is no impact resulting from not proceeding with the acquisition process, the fund manager said.

The fund's board of directors approved, on July 15, increasing the total value of the fund’s assets through the acquisition of three properties at a total value of SAR 1.53 billion, for which the fund manager signed memoranda of understanding with the property owners, according to Argaam's data.

The properties were commercial centers in Riyadh and Jeddah, as well as a residential compound in Al-Khobar.

In March, the fund manager announced that the fund's board of directors approved its recommendation regarding not proceeding with the acquisition of the commercial centers in Riyadh and Jeddah.

For More Mergers and Acquisitions