Al Rajhi REIT unitholders approve asset increase to acquire 2 properties

Logo of Al Rajhi REIT Fund

Al Rajhi REIT Fund’s unitholders approved, on May 12, increasing the fund’s total assets through offering additional (cash) units, Al Rajhi Capital, the fund manager, said in a statement to Tadawul. 

The capital increase will range between SAR 330 million and SAR 1.01 billion, in order to complete the acquisition of two real estate properties: Riyadh Avenue, Riyadh and Al Hanaki Business Building, Jeddah. 

The unitholders agreed to increase the maximum limit for the annual remuneration for each of the fund’s independent board members to SAR 50,000 from SAR 20,000. However, the remuneration per meeting was maintained at SAR 5,000.