Riyad REIT has extended a memorandum of understanding (MoU) until June 8 to acquire Omnia Center, a commercial building in Jeddah, the fund said in a bourse statement on Monday.

 

The MoU was extended to complete the required due diligence procedures.

 

Riyad REIT will disclose the relevant developments later on.

 

In March, the fund inked three MoUs to acquire properties worth SAR 1.1 billion in Riyadh and Jeddah, Argaam earlier reported.

 

Riyad REIT will fund these acquisitions through loans or a capital increase.

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