Alkhabeer REIT unitholders approve increasing asset value by SAR 335.5 mln

Logo of Alkhabeer REIT Fund

Alkhabeer REIT Fund's unitholders approved increasing the fund's total assets by nearly SAR 335.5 million, during the meeting held on April 25, 2021, fund manager Alkhabeer Capital said in a bourse statement.

The increase will be initiated by offering additional units to acquire more real estate assets and pay the related expenses and costs.

The unitholders also approved the amended terms and conditions of the fund, which is mainly updated to reflect the increase in the total assets value of the fund.

The fund recently obtained the necessary approvals to update the asset value increase file, Argaam earlier reported.

On Jan. 4, 2021, the fund received the Capital Market Authority’s (CMA) approval to increase the fund's total asset value.

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 decided to halt the acquisition process of a property located in Riyadh.