Al Maather REIT retreats from SAR 552 mln property acquisition

12/06/2019 Argaam

 

Al Maather REIT Fund has retreated from an acquisition deal of 16 assets worth SAR 552 million, fund manager Osool & Bakheet Investment Co. said in a statement to Tadawul on Tuesday.

 

Cancelling the acquisition deal was due to seller’s inability to complete due procedures. The statement ruled out this would have any significant impact on the fund.

 

According to data compiled by Argaam, Al Maathar REIT Fund signed on November 27, 2018 a SAR 522 million deal to acquire new real estate assets across the Kingdom, pending regulatory approvals.

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