Alkhabeer REIT Fund stays acquisition of Riyadh property

Logo of Alkhabeer REIT Fund

Alkhabeer REIT Fund’s board of directors approved the fund manager, Alkhabeer Capital’s, recommendation to halt the acquisition process of a property located in Riyadh, according to a bourse statement.

Accordingly, Alkhabeer Capital will undertake necessary procedures to update the file related to increasing the total value of the fund's assets, including the terms and conditions, and will re-submit it for necessary approvals.

On Jan. 4, 2021, Alkhabeer Capital announced it had received the Capital Market Authority’s (CMA) approval to increase the fund's total asset value, according to data compiled by Argaam.

The move aimed to acquire the following new real estate assets:

1) Vision College for Education (previously known as Al Farabi College for Education), located at Al-Rayyan district, east of Al-Haramain highway, Jeddah.

2) Akun Cold Storages, warehouses located at the intersection of King Faisal Road and South Corniche Street, King Faisal Naval Base, Jeddah.

3) Industrial and logistical assets of three factories located at Al-Obeikan Industrial City, Riyadh.