Alkhabeer REIT not to proceed with acquisition of property in Eastern region under current circumstances

Alkhabeer Capital Co., the fund manager of Alkhabeer REIT Fund, said that the fund's board of directors decided not to proceed with the acquisition of property located in the Eastern region under the current circumstances.

The fund manager added in a bourse filing that the decision is taken in order to protect the interest of unitholders and the fund.

The fund manager does not expect the above-mentioned decision to have an impact on the fund’s performance and results.

Late in Jan. 2020, the manager of Alkhabeer REIT announced its intention to raise the total asset value of the fund by 51.6% in cash and in kind, through the acquisition of 2 properties in Riyadh and the Eastern region, according to data compiled by Argaam.