Addendum Announcement from Jadwa Investments Company Regarding the Occurrence of a Specific Event for Jadwa REIT Saudi Fund
Tue, 02 May 2023
Following the announcement of Jadwa Investment Company published on 20/09/1443H corresponding to 21/04/2022G regarding the signing of a Sale and Purchase Agreement for a leased land located in Jeddah on Prince Sultan bin Abdulaziz Road in Al Zahra district with a total size of (161,276) sqm. (the “Agreement”) on 19/09/1443H corresponding to 20/04/2022G, Jadwa Investment Company wishes to announce that an addendum to the Agreement has been signed on 11/10/1444H corresponding to 01/05/2023G according to the following details:
Decreasing the acquisition price from 500 million Saudi riyals to 400 million Saudi riyals (excluding RETT and acquisition fees) with a decrease of 20% that results in an increase in the average acquisition yield to 8.96%.
The addendum is conditional on the seller obtaining all the statutory approvals within (60) days from the date of the addendum.
It is expected that the result of this transaction will be positive on the Fund’s financial performance in the second half of 2023 in the event that this transaction is completed.
The Fund Manager will disclose any developments in this regard.