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Riyad REIT Fund — Capital/Financing Update 2018
May 2, 2018
53442_rns_2018-05-02_f2746b1f-4006-4a5e-acec-9b149789433d.html
Capital/Financing Update
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Riyad Capital the Fund Manager of Riyad REIT announces the coverage of the Fund's capital increase
4330 · 02/05/2018 08:00:50 · Announcement #50570 · View on Saudi Exchange
Riyad Capital the Fund Manager of Riyad REIT announces the coverage of the Fund's capital increase
4330
RIYAD REIT
-2.71 %
1439/08/16 02/05/2018 08:00:50
Riyad Capital announces that it has successfully closed the secondary public offering to increase the capital of Riyad REIT Fund from SR 500 million to SR 1.633 billion and with a total of 18,000 subscribers.
Riyad REIT is the first fund to carry out a secondary offering by raising its capital through a new mechanism based on a right of allocation method. Riyad REIT will be the largest real estate investment traded fund in Saudi Arabia up to date.
The capital increase of SAR 1.133 billion will mainly be used for the acquisition of three new properties that will increase the number of properties in the fund from 8 to 11 properties spread across four major cities. The newly acquired properties include two properties in Riyadh, the Kempinski Hotel complex and the Saudi Electronic University building, and a mixed-use property in Jeddah that includes offices, retail, and residential apartment uses. The acquisitions enhance the geographic and sectoral diversity of the Fund by expanding further into hospitality, commercial, and other segments.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.