SICO Saudi REIT gets CMA nod to raise total asset value, issue additional units

Logo of SICO Capital

SICO Saudi REIT Fund received the approval of the Capital Market Authority (CMA) to increase total asset value by issuing additional units for acquiring real estate assets, the market regulator said in a statement.

The approval was granted as the fund’s application complies with the relevant requirements the Real Estate Investment Traded Funds instructions.

SICO Capital Co., the fund manager, will publish the supplementary terms and conditions of SICO Saudi REIT Fund prior to the unitholders.

The terms and conditions will include all relevant information the unitholders need to know before making a voting decision on the target increase, including information on target assets and potential risks.

The statement noted that the voting decision without reading the terms and conditions of SICO Saudi REIT carefully or fully reviewing its content may involve high risk.

On March 20, SICO Saudi REIT signed an agreement to acquire a commercial property in Riyadh for SAR 448 million, excluding real estate tax, pursuit and acquisition expenses, Argaam earlier reported.

The agreement was extended several times, the last of which was on Sept. 13 for 14 business days.