Jadwa REIT Saudi Fund announces an Addendum Announcement regarding occurrence of a specific event
Element List
Explanation
Introduction
Following the announcement of Jadwa Investment Company published on 12/10/1444H corresponding to 02/05/2023G regarding the signing of an addendum to Sale and Purchase Agreement for a leased land located in Jeddah on Prince Sultan bin Abdulaziz Road in Al Zahra district with a total size of (161,276) sqm. (the “Agreement”) on 11/10/1444H corresponding to 01/05/2023G, which includes decreasing the acquisition price from 500 million Saudi riyals to 400 million Saudi riyals (excluding RETT and acquisition fees).
Jadwa Investment Company would like announce the completion of the sale process and transferring the title deed of the property to the Fund on 08/08/1445H corresponding to 18/02/2024G
The Impact Caused by the Change
It is expected that the result of this transaction will be positive on the Fund’s financial performance in the second quarter of 2024 in the event that this transaction is completed.
Additional Information
The Fund Manager will disclose any developments in this regard.
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