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The 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 the Fund Manager of SEDCO Capital REIT Fund, announces the signing of two non-binding memoranda of understanding to purchase four office complexes (“properties”) in the city of Riyadh on 03 Dhul-Qi’dah 1446H, corresponding to 01 May 2025. |
| Description of the Event | Signing of a non-binding memorandum of understanding (the first memorandum) to purchase an office complex (the "Property") in the city of Riyadh, according to the following details: •The targeted property is in Riyadh and is in the final finishing stage. •The property will be acquired under a single-tenant contract for eight years, with a net rental value of up to SAR 52 million. •The acquisition value is estimated at SAR 650 million (excluding acquisition expenses). •The agreement is conditional on an exclusivity period during which the Fund Manager will complete the legal and technical due diligence. Signing of a non-binding memorandum of understanding (the second memorandum) to purchase 3 office complexes (“properties”) in the city of Riyadh, according to the following details: •The 3 targeted properties are in Riyadh and are in the final finishing stage. •The properties will be acquired through single-tenant contracts for each property for a period ranging from three to five years, with a net rental value of up to SAR 33 million. •The acquisition value is estimated at SAR 380 million (excluding acquisition expenses). •The agreement is conditional on an exclusivity period during which the Fund Manager will complete the legal and technical due diligence. |
| The Impact Caused by the Event | The Fund Manager expects the overall impact of this event to be positive on the Fund’s real estate portfolio as well as on the Fund’s performance and results, in the event these transactions are completed. |
| Additional Information | The Fund Manager will disclose any developments in this regard in due course |
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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