Alkhabeer REIT unit holders to vote on SAR 722.8 mln assets hike on July 5

Alkhabeer Capital Co. invited the unit holders of Alkhabeer REIT Fund to vote on increasing the fund’s total assets by SAR 722.8 million, during the meeting that will be held on July 5, the fund manager said in a bourse statement on Thursday.

The hike process will take place through issuing additional units and securing additional Shariah-compliant financing to acquire the new assets, as well as pay the related costs and expenses.

Furthermore, unit holder will vote on amending the fund’s terms and conditions.

Meanwhile, unit holders registered at the Securities Depository Center (Edaa) by the end of the second trading day preceding the meeting can participate through electronic voting as of July 1 using the Tadawulaty system.

Earlier this week, Alkhabeer REIT received the Capital Market Authority’s (CMA) nod to increase the fund’s total assets by SAR 722.8 million to acquire three assets in Riyadh.

The properties include Elegance Tower, AlFarabi Colleges building, as well as under-construction AlFarabi Colleges training building.