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SICO Capital Company Announces the Occurrence of Specific Event to SICO Saudi REIT Fund
| Element List | Explanation |
|---|---|
| Description of the Event | SICO Capital Company, as the fund manager of SICO Saudi REIT (the “Fund”), announces the signing of an agreement to acquire a new property for the Fund, which is a commercial office property located in Hittin District in Riyadh, according to the following details: 1- The asset is located one of the most prestigious locations on Prince Turki bin Abdulaziz Al-Awwal Road At Hittin district in Riyadh. 2- The property is a high-end plaza, housing both a mix of upmarket Retail Food & Beverage outlets, Restaurants as well as commercial offices, the land area is 11,489.69 square meters, and the building area is 36,495 square meters. 3- The occupancy rate of the property is 100%, with a total rental income of 31.5 million riyals annually, and the property will start operating during the month of April of 2022 AD. 4- The value of the property purchase is 448 million Saudi riyals, excluding real estate tax, brokerage fees and acquisition expenses. The purchase of the property will be financed by increasing the value of the fund’s assets by accepting an in-kind contribution from the seller of the asset by 148 million Saudi riyals which makes up 33% of the property purchase value, and 300 Million riyals will be paid in cash through the bank facilities available to the fund. 5- The agreement is conditional on completing the due diligence work of the new real estate asset from a legal and technical point of view, in addition to obtaining the necessary approvals according to the regulatory requirements. |
| The Impact Caused by the Event | The fund manager expects the acquisition to have a positive impact on the fund, as it will add diversification to real estate activities and geographical distribution with an increase in the weight of the fund's properties in the capital, Riyadh, and it is expected that there will be a positive impact on the fund's returns. |
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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