Jadwa REIT Saudi Fund seeks to raise assets by $99mln

The fund seeks to acquire a new Riyadh-based real estate asset

  
Cars make their way along Al Olaya street, one of the most busy streets in Riyadh on December 7, 2015 in Riyadh , Saudi Arabia. Image used for illustrative purposes.

Cars make their way along Al Olaya street, one of the most busy streets in Riyadh on December 7, 2015 in Riyadh , Saudi Arabia. Image used for illustrative purposes.

Getty Images/Jordan Pix

Riyadh – Jadwa Investment Company, manager of Jadwa REIT Saudi Fund, said the fund’s board approved a suggested change in the fund’s total asset value.

The fund seeks to acquire a new Riyadh-based real estate asset, subject to the approvals of the Capital Market Authority (CMA) and the Saudi Stock Exchange (Tadawul), according to a bourse filing on Wednesday.

The total value of the fund’s assets will be increased by SAR 370 million through accepting in-kind and cash subscriptions.

The acquisition is expected to reflect positively on the fund’s performance and results, the statement added.

Source: Mubasher

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