- Announcement -
Alkhabeer Capital Addendum Announcement Regarding Material Developments of Alkhabeer REIT Fund
Following the announcement of Alkhabeer Capital, Fund Manager of Alkhabeer REIT Fund, dated 15 Dhu Al-Hijjah 1442 corresponding to 25 July 2021, that is published on the Fund Manager's website, as well as on the Saudi Exchange website regarding the approval of the Fund’s Board of Directors on 5 Dhu Al- Hijjah 1442 corresponding to 15 July 2021, to increase the total value of the Fund’s assets through the acquisition of three real estate assets (a commercial center in Riyadh, a commercial center in Jeddah, and a residential compound in Al-Khobar) with a total value of SAR 1.53 billion, which Memorandums of Understanding have been signed with the owners.
According to the announcement of Alkhabeer REIT Fund, dated 30 Rajab 1443 corresponding to 3 March 2022, that was published on the Fund Manager's website, as well as the Saudi Exchange website regarding the approval of the Fund’s Board of Directors on the recommendation of not proceeding with the acquisition process of the commercial center in Riyadh and the commercial center in Jeddah and what was stated in the announcement regarding the Fund Manager disclosing any new developments in this regard.
Accordingly, the Fund Manager is announcing his decision on not to proceed with the acquisition of the residential compound in the city of Al-Khobar, which led to the withdrawal and cancellation of the request to increase the total value of the fund's assets at the present time. It is to be noted that there is no impact resulting from not proceeding with the acquisition process.
