Alwaha REIT unitholders approve asset increase via SAR 44.5M property deal

Logo of Alwaha REIT Fund

Unitholders of Alwaha REIT Fund approved increasing the fund’s total assets through the acquisition of a developed and income-generating property in Riyadh, valued at SAR 44.5 million, excluding brokerage fees and real estate transaction tax.

Wasatah Capital said in a statement on Tadawul that the acquisition will be financed through the issuance of new units to increase the fund’s total assets, in accordance with the fund’s terms and conditions and after obtaining the necessary regulatory approvals.

The fund manager will undertake procedures including, but not limited to, signing a memorandum of understanding with the seller, conducting due diligence, and obtaining approvals from the Saudi Stock Exchange (Tadawul), the Capital Market Authority (CMA), and the fund’s unit holders as required by regulations.

The fund aims to acquire a high-quality income-generating property to maximize value for unit holders. If completed, the transaction is expected to have a positive impact on the fund’s overall performance and results.

The fund manager will disclose any material developments regarding this matter in due course.