Riyadh – Mubasher: Riyad real estate investment traded fund (Riyad REIT) has announced its acquisition through an SAR 137.65 million ($36.7 million) agreement with the Higher Education Fund to purchase a building owned by Saudi Electronic University (SEU).
Located in Al Rabie region, the building covers an area of 14,000 square metres with a rental area that exceeds 17,000 metres, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The financial impact of the agreement, signed Thursday, 12 October, will appear starting from the date of transfer of ownership.
Financing the acquisition will be carried out through the capital increase announced on 22 May 2017, the company revealed.
Riyad REIT’s stock increased 0.58%, closing at SAR 10.47 on Thursday.
