Al Rajhi REIT board approves acquisition of 2 developed properties for SAR 930 mln

Logo of Al Rajhi REIT Fund

Al Rajhi REIT Fund’s board of directors approved the acquisition of two developed properties for SAR 930 million. The two properties are located in Riyadh and Jeddah.

They are fully leased for a total of SAR 70.49 million, fund manager Al Rajhi Capital said in a statement to Tadawul.

The closure of both acquisitions is conditional on the successful completion of raising the fund’s asset value, through offering additional units. The move requires securing approvals of the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and the REIT’s unitholders.

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