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Jadwa Investment Company Announces a Material Development to Jadwa REIT Saudi Fund
| Element List | Explanation |
|---|---|
| Introduction | Jadwa Investment Company (“Fund Manager”), in its capacity as the manager of the Jadwa REIT Saudi Fund (the “Fund”), announces the signing of sale and purchase agreement for Al Fanar Residential compound only (the “property”) located in Al Rawabi district in Khobar on 07/02/1445H corresponding 23/08/2023G, after obtaining the approval of the fund board on the property sale plan. |
| Description of the Event | The sale price is (SAR 90,000,000). It is also worth noting that the fund had acquired the property in February of 2018 and enjoyed an annual net rent yield of 8.25% over this period. This sale process provides more flexibility for the fund and its financial position, as it is possible to use the proceeds of the sale for many options, for example, but not limited to: using them to acquire more accretive income-generating real estate assets, or using the proceeds to partially pay-off the existing bank facilities which will alleviate the financial liabilities of the Fund. We would like to confirm that there is no related party involved in this sale process. |
| The Impact Caused by the Event | It is expected that the result of this transaction will be positive on the Fund’s financial performance in the second half of 2023. |
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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