Riyad REIT issues terms and conditions for capital hike

11/03/2018 Argaam

Riyad Capital on Sunday issued the terms and conditions of Riyad REIT for unitholders to vote on the capital increase, the company said in a statement to Tadawul.

 

The terms and conditions are available on the company's website, it added.

 

Riyad Capital plans to increase Riyad REIT’s capital to SAR 1.633 billion from SAR 500 million to fund future acquisitions, expand sources of cash flows, and diversify the tenancy base.

 

Property acquisitions that will be funded through the capital hike include the Saudi Electronic University building in Riyadh, Omnia Center in Jeddah, and Kempinski Riyadh Hotel.

 

Additionally, the REIT will partially repay its murabaha facilities using the new funds, the statement added.

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