Jadwa Investment Company announced as a fund manager feasibility of REIT SaudiToday, Thursday, the company announced the completion of the acquisition of Riyadh Boulevard real estate, a commercial and office complex located in the city of Riyadh in the Hittin district, after completing the allocation process for increasing the total value of the fund’s assets.
Jadwa Investment said in a statement on the Saudi Tadawul that this acquisition would expand and diversify the asset base that the fund currently owns.
The fund manager expected that the impact of this development would be generally positive on the fund’s performance and results.
Jadwa Investment Company, in its capacity as the manager of the Saudi Jadwa REIT Fund, announced in March 2021 that the fund had signed an agreement for the sale and purchase of a real estate complex in Riyadh Boulevard, which is an office commercial complex built on a total area of (18,854.35) square meters, and building areas of (36,340) meters Square.
The purchase value is 320 million riyals ($85.3 million). The purchase will be financed by increasing the total value of the fund’s assets that were approved by the fund’s board of directors, which amount to 370 million riyals, by accepting an in-kind contribution from the seller of the new real estate asset. In the amount of 120 million Saudi riyals, in addition to issuing additional cash units in the fund, amounting to 250 million riyals.