SICO Saudi REIT obtains CMA approval to increase fund assets by SR485.3 mln to acquire office commercial property in Riyadh

SICO Capital Company announced on Wednesday that it had obtained the approval of the Capital Market Authority (CMA) on the supplementary appendix of the terms and conditions related to the increase in the total value of the fund’s assets by an amount of four hundred and eighty-five million three hundred and twelve thousand eight hundred and fifty-six riyals (SR485,312,856), in order to acquire an office commercial property located in the Hittin district in the city of Riyadh.

The Fund manager expects the acquisition to have a positive impact on the fund, as it will add diversification to real estate activities and geographical distribution with an increase in the weight of the fund’s properties in the capital, Riyadh, and it is expected that there will be a positive impact on the fund’s returns.

Subsequently, the Fund manager will announce an invitation to the unitholders to vote on the decision to increase the Fund’s total asset value and to approve the supplementary terms and conditions of the Fund.