Al Khaleej Training, ANB Invest extend MoU to establish REIT

Al Khaleej Training and Education has extended a memorandum of understanding (MoU) with ANB Invest until Dec. 5, 2017, the company said in a statement to Tadawul.

The MoU, which was supposed to expire on Oct. 30, 2017, was aimed at setting up a Real Estate Investment Traded Fund (REIT)

The REIT is expected to focus on the education sector by constructing or purchasing educational buildings.

Under the four-month MoU, Al Khaleej Training plans to move its six existing properties to the new REIT fund, including the company’s Riyadh headquarters, three schools and two training centers.

The MoU was signed between both parties on July 5, 2017, data compiled by Argaam showed.