Alkhabeer REIT board says 2 out of 3 target assets won’t be acquired

Logo of Alkhabeer REIT Fund

Alkhabeer Capital, the fund manager of Alkhabeer REIT Fund, announced that the fund's board of directors approved its recommendation regarding not proceeding with the acquisition of the commercial centers in Riyadh and Jeddah, according to a bourse filing.

The fund's board of directors approved, on July 15, increasing the total value of the fund’s assets through the acquisition of three properties at a total value of SAR 1.53 billion, for which the fund manager signed memoranda of understanding with the property owners, according to Argaam's data.

The properties were commercial centers in Riyadh and Jeddah, as well as a residential compound in Al-Khobar.

The fund manager will disclose any developments in this regard, the statement noted.

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