Alkhabeer REIT unit holders approve SAR 722.8 mln assets hike to acquire new properties

Alkhabeer REIT Fund’s unit holders approved increasing the fund’s total assets by SAR 722.8 million, during the meeting held on July 5, Alkhabeer Capital, the fund manager, said in a bourse statement.

The hike process will take place through issuing additional units and securing extra Shariah-compliant financing to acquire new assets, as well as pay the related costs and expenses.

Furthermore, unit holders approved amending the fund’s terms and conditions, which were mainly updated to reflect the increase in the total value of the fund’s assets by 98.87%.

Earlier in June, Alkhabeer REIT received the Capital Market Authority’s (CMA) nod to increase the fund’s total assets by SAR 722.8 million to acquire three assets in Riyadh, Argaam reported.

The properties include Elegance Tower, AlFarabi Colleges building, as well as the under-construction AlFarabi Colleges training building.

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