Riyadh – Mubasher: Riyad REIT’s board approved the acquisition of properties and recommended a capital hike to finance acquisitions.

The REIT noted that the properties agreed on include Kempinski Riyadh Hotel Complex, which includes a five-star hotel, ballroom, business centre, spa, six restaurants, residential apartments, and retail outlets.

The Residence, located in Hiteen district in Riyadh, was also among the approved properties. It includes a high-end luxury villa hotel with a health club, restaurants, and executive offices.

The fund’s board proposed increasing the capital by SAR 1.05 billion to finance the acquisitions through offering a combination of rights issue and in-kind shares after obtaining the regulatory approvals, according to a bourse statement.

The rights issue is limited to the shareholders who are registered in the Securities Depository Center at the end of next trading session from the extraordinary general assembly's day, and the in-kind contribution is limited to property owners.

The REIT stated that the submission of the capital raise file to the Capital Market Authority (CMA) will be announced later.