Riyadh – Mubasher: SEDCO Capital REIT Fund plans to acquire eight income-generating properties for a total value of SAR 700 million.
The assets are located between Riyadh and the Eastern Province of Saudi Arabia, according to a bourse filing on Monday.
The fund manager, the Saudi Economic and Development Securities Company (SEDCO Capital), said the process of conducting both technical and legal due diligence has been carried out to increase the capital of SEDCO Capital REIT Fund.
SEDCO Capital will still have to obtain the required approvals from the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and the majority of the unitholders.
It is worth noting that the fund manager came in the eighth place in Forbes Middle East’s top 10 Biggest Asset Managers in Saudi Arabia with $5.2 billion worth of assets under management (AUM).