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Circulars to Fund Unit Holders

31/03/2019

Al Rajhi Capital announces the signing of a MoU by Al Rajhi REIT Fund with Al Khaleej Training & Education for the acquisition of 3 Educational properties

 

Al Rajhi Capital is pleased to announce the signing of a MoU dated 31st March 2019 by Al Rajhi REIT Fund with Al Khaleej Training & Education (AKTE) for the acquisition of 3 Educational properties.

The afore-mentioned MoU has a validity of 180 days from date of signing.

The purchase price consideration will be a combination of cash and issuing additional units to AKTE and the public in Al Rajhi REIT Fund. This transaction will require a capital increase in Al Rajhi REIT Fund subject to CMA and unit holder approval.

This potential acquisition falls under the Fund’s strategy on acquisition of attractive income-generating Real Estate assets in Saudi Arabia.

Al Rajhi Capital confirms that there are no related parties in the potential acquisition except the source of financing (for the cash consideration element) is from existing debt facility from Al Rajhi Bank.

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