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Saudi Economic and Development Securities Company (SEDCO Capital) Announces the Occurrence of Specific Event to SEDCO Capital REIT Fund
| Element List | Explanation |
|---|---|
| Introduction | The Saudi Economic and Development Securities Company (SEDCO Capital), in its capacity as a Fund Manager of the SEDCO Capital REIT Fund, announces the signing of a memorandum of understanding to purchase an educational complex property (“the property”) in the United Arab Emirates on Jumada al-Awal 9, 1445H, corresponding to November 23, 2023G. |
| Description of the Event | Signing a memorandum of understanding to purchase an educational complex property (“the property”) in the United Arab Emirates, according to the following details: • It is developed and income-generating asset in Dubai, with a total land area estimated at 36,692 sqm and a total building area estimated at 18,250 sqm. • The asset is an educational complex leased under a long-term, single-tenant contract, net of all operating expenses and the operator is classified as having experience in the field of education in the region. • The acquisition value amounts to AED 160,500,000 (excluding any fees related to the acquisition). • Note that if the deal is completed, it will be financed through the cash available in the fund and the facilities granted to the fund. • The agreement is conditional on completing the legal and technical due diligence, within a 30-business-day period from the date of signing the agreement. The Fund Manager will disclose any developments in this regard in due course. |
| The Impact Caused by the Event | This deal, if completed, comes within the Fund Manager's strategy to acquire distinctive real estate inside and outside the Kingdom, add more diversification to the portfolio, and improve the fund's performance and returns. The Fund Manager also expects that the impact resulting from this event will be generally positive on the fund’s real estate portfolio and on the fund’s performance and results if this deal is completed. |
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.
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