Riyadh – Mubasher: Riyadh Capital, the manager of Riyad Real Estate Investment Traded Fund (Riyad REIT Fund), on Monday announced that it will participate in increasing the fund's capital.
Riyadh Capital plans to inject an amount of SAR 100 million in Riyad REIT Fund's capital hike, or 20% of cash contributions available to the public, according to a filing to the Saudi Stock Exchange (Tadawul).
This move mirrors Riyad Capital's trust and its optimistic outlook for Riyad REIT Fund, the major Saudi investment bank said.
Riyadh REIT, which is one of the largest real estate investment traded funds, aims at attracting more investors and financial institutions to enhance investment opportunities in the Saudi market.
The fund targets a capital of SAR 1.75 billion to be distributed over 11 real estate properties, according to the statement.
It is expected that the fund will achieve a growth of 8% by the end of 2020.
