Announcements
Addendum Announcement from Jadwa Investments Company Regarding the Occurrence of a Specific Event for Jadwa REIT Saudi Fund
Mon, 01 July 2024
Following the announcement of Jadwa Investment Company published on 24/12/1445H corresponding to 30/06/2024G regarding the signing of a Sale and Purchase Agreement for Al Yaum Tower located in Dammam.
Jadwa Investment Company would like to note the following details:
- The property was acquired in February 2018 for SAR 275,000,000.
- The difference between the acquisition price and the announced sale price is -30.91%.
- According to the latest financial statements, the book value of the property is SAR 201,837,500.
- The difference between the book value and the announced sale price is -5.86%.
- The Fund received total rental income SAR 124,800,000 from the property .
- If the sale process is completed, the financial impact will be negative on the financial statements in the short term, as losses amounting to SAR (11,093,711) will be recorded. The loss per unit is (0.06).
The transaction is expected to have a positive long-term impact on the Fund's performance.
The Fund Manager will disclose any developments in this regard.