SEDCO Capital REIT approves acquisition of Ajdan Entertainment Complex for SAR 164.75 mln

Logo of SEDCO Capital REIT Fund

SEDCO Capital, the fund manager of SEDCO Capital REIT Fund, secured the approval of the fund’s board of directors to acquire Ajdan Entertainment Complex (adjacent to Ajdan Walk property in Al Khobar), pursuant to the option-to-purchase agreement, according to a bourse filling.

Ajdan Entertainment Complex is located in the Corniche area of Al Khobar, spanning over an area of around 6,866 square meters.

The complex includes cinemas leased to AMC and restaurants of the finest brands.

The agreed acquisition value is SAR 164.750 million (excluding acquisition fees) with a total target rent for the first year of SAR 12.5 million.

The statement indicated that once the deal is completed, it will be financed through the facilities granted to the REIT, expecting a positive impact on the fund's performance and distributions.

The fund manager noted that it will finalize the final contract terms with Ajdan Real Estate Development Co. and announce any developments in this regard.

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