Alkhabeer REIT obtains approvals to update assets increase file

Logo of Alkhabeer REIT Fund

Alkhabeer REIT Fund obtained the necessary approvals to update the file to increase the total value of its assets, fund manager Alkhabeer Capital said in a bourse statement.

The fund manager will complete the procedures for the increase, including providing the updated terms and conditions, inviting the current unitholders to vote on a decision regarding the increase in the total value of the fund’s assets, updating the terms and conditions, and ending the offering period as well as listing the units subject of the increase at Edaa Center.

Any major development will be announced in due course, the statement noted.

On Jan. 4, 2021, the fund manager announced receiving the Capital Market Authority’s (CMA) approval to increase the fund's total asset value, Argaam reported. 

The move aims 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.

In February, the fund’s board of directors approved the fund manager, Alkhabeer Capital’s, recommendation to halt the acquisition process of a property located in Riyadh.