News

Alkhabeer Capital Announcement on Major Developments for Alkhabeer REIT

5 January 2021

Alkhabeer Capital Announcement on Major Developments for Alkhabeer REIT

Alkhabeer Capital, the Fund Manager of “Alkhabeer REIT fund”, announces that on 20/5/1442 corresponding to 4/1/2021, it received the Capital Market Authority’s approval to increase the total assets value of the Fund with the objective to acquire the following new real estate assets:

1. Vision College for Education (previously known as Al Farabi College for Education): An educational property located in Al-Rayyan district, east of Al-Haramain highway, Jeddah.
2. Akun Cold Storages: Cold storage warehouses located at the intersection of King Faisal Road and South Corniche Street, King Faisal Naval Base, Jeddah.
3. Industrial Assets: Indusrial and logistical assets of three factories located in Al-Obeikan Industrial City in Riyadh.

The Fund Manager will announce any developments related to this matter, including the announcement of the amended Terms and Conditions and the invitation for the current Unitholders’ meeting to vote on the decision to increase the total value of the Fund, as well as on the fundamental changes in the Terms and Conditions.

The aforementioned acquisitions will expand and diversify the Fund’s asset base, which is expected to have a positive overall impact on the Fund’s results and performance.

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