Jadwa Investment Company Announces a Material Development to Jadwa REIT Saudi Fund

Element ListExplanation
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 complex the commercial part only (the “property”) located in Al Rawabi district in Khobar on 28/12/1443H corresponding 27/07/2022G, after obtaining the approval of the fund board on the property sale plan.
Description of the Event The sale price is (SAR 140,000,000). 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.

Knowing that Al Fanar complex consists of commercial and residential components, where the Fund has sold only the commercial component.

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.

The Agreement is subject to completing the required due diligence by the buyer. 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 impact will be positive on the fund as the financial impact of the sale will be included in the company's financial statements for the second half of this year 2022.

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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