Riyad REIT unitholders approve capital hike to acquire assets

Riyad REIT’s unitholders approved on Sunday a capital increase to SAR 1.633 billion from SAR 500 million, in order to acquire new real estate assets, fund manager Riyad Capital said in a bourse statement.

The REIT’s general assembly also approved the fund’s amended terms and conditions, the statement said.

In May 2017, the fund’s board of directors recommended the capital hike to fund future asset acquisitions. The capital increase will be carried out through a rights issue.

The fund will sell 121.7 million units at a target price of SAR 9.31 per unit -- 67.99 million units for in-kind subscriptions, and 53.71 million units for cash subscriptions.