Alkhabeer REIT to raise assets by SAR 722.8 mln to acquire 3 properties in Riyadh

Alkhabeer Capital Co., the fund manager of Alkhabeer REIT Fund, received the Capital Market Authority’s (CMA) nod to increase the fund’s total assets by SAR 722.8 million through issuing additional units, to acquire three assets in Riyadh.

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

The fund manager will announce relevant developments in due course, including inviting unit holders to vote on the asset increase, and changes in terms and conditions.

These acquisitions will diversify and expand the fund’s asset base, Alkhabeer Capital said, noting it will have a positive impact on the performance and results of the fund.