SICO Saudi REIT extends agreement to buy office property for another 60 days

Logo of SICO Saudi REIT Fund

SICO Saudi REIT Fund signed today, Dec. 6, appendix No. 5 for another 60-day extension on a previously-sealed deal to acquire a commercial office property in Hittin, Riyadh, starting from the expiry of the appendix No. 4.

In a statement to Tadawul, SICO Capital, the fund manager, said there is no financial impact from this extension.

On March 20, SICO Capital entered into a SAR 448 million agreement to acquire the new Riyadh property for the fund, exclusive of real estate disposal tax and acquisition expenses, according to Argaam’s data.

The fund manager revealed, on May 19, the extension of the deal for an additional 30 days, starting from the expiration date of the original period. Later on June 19, a 60-day extension was announced, starting from the expiry of the agreement’s appendix.

The agreement was extended two more times in September and October for 14 and 60 days, respectively, starting from the expiry of the appendix No. 3.

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