Announcements
Announcement from Jadwa Investment Company Regarding the Occurrence of a Specific Event for Jadwa REIT Saudi Fund
Wed, 08 November 2023
Jadwa Investment Company ("Fund Manager") in its capacity as the Fund Manager Jadwa REIT Saudi Fund (the "Fund") announces that the Fund has signed a Sale and Purchase Agreement for Offices Complex (the “Agreement”) on 24/04/1445H corresponding to 08/11/2023G, according to the following details:
1. The property is located in Hittin district in the northern region of Riyadh and Known as "Lafif”
2. The property is an office complex with a land size of (6,000) sqm and a built-up area of (18,991) sqm including two basement floors.
3. The property is newly developed and has leased 60% of its total units, with a total revenue of SAR 7 million.
4. The purchase price is SAR 120 million (excluding Real Estate Transaction Tax). The acquisition will be financed using the available facility.
5. The Agreement is subject to completing the required technical and legal due diligence.
The Fund Manager also confirms that there are no related parties in this transaction.
It is expected that the result of this transaction will be positive on the Fund’s financial performance in the first half of 2024 in the event that this transaction is completed.