Riyad Capital completes Riyad REIT capital hike

02/05/2018 Argaam

Riyad Capital has successfully closed the secondary public offering to increase the capital of Riyad REIT Fund from SAR 500 million to SAR 1.633 billion with a total of 18,000 subscribers.


Riyad REIT is the first fund to carry out a secondary offering by raising its capital through a new mechanism based on a right of allocation method.

 

The REIT will be the largest real estate investment traded fund in Saudi Arabia up to date, the fund manager said in a bourse statement.

The capital increase will mainly be used for the acquisition of three new properties, taking the fund’s total number of properties from 8 to 11.

 

Two of the properties are in Riyadh: the Kempinski Hotel complex and the Saudi Electronic University building. The other is mixed-use development in Jeddah that includes offices, retail, and residential apartments.

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