Jadwa REIT Saudi says additional units to be offered at SAR 12.98 each

Logo of Jadwa REIT Saudi Fund

Jadwa Investment Co., fund manager of Jadwa REIT Saudi Fund, announced that the subscription period for increasing the total value of the fund’s assets through an additional offering will begin on Sept. 26 and end on Oct. 7.

The fund manager said in a bourse filing that additional units will be offered at a price of SAR 12.978 per unit.

The subscription will be available through the receiving entities, including Jadwa Investment Co., Banque Saudi Fransi, and Riyad Bank.

Jadwa REIT Saudi Fund unitholders approved, early this month, increasing the fund’s total asset value by SAR 370 million through offering additional units for the purpose of acquiring a real estate asset and paying the related expenses and costs, according to data compiled by Argaam.

In March, the fund signed an agreement to purchase a property in The Riyadh Boulevard for SAR 320 million.

The purchase will be financed by increasing the total value of the fund's assets by SAR 370 million, via a SAR 120 million in-kind contribution from the new asset seller and issuing additional cash units worth SAR 250 million.

The new asset is a retail and office complex, spanning 18,854 square metres (sqm), with a built-up area of 36,340 sqm, located on Prince Turki bin Abdulaziz Road in the Hittin district north of Riyadh.