| Element List | Explanation |
|---|---|
| Introduction | Alkhabeer Capital, in its capacity as Fund Manager of Alkhabeer REIT Fund (“the Fund”), announced the completion of selling its “Ahlan Court” property (“the Property”) located in Al-Andalus District, Jeddah. The transaction took place on Sunday 09/02/1447 AH corresponding to 03/08/2025 AD following the Fund Board’s initial approval of the buyer’s offer and the Fund Manager’s completion of the necessary real estate valuations in accordance with Fund terms and conditions. |
| Date of the Previous Announcement | 2025-03-20 Corresponding to 1446-09-20 |
| Hyperlink to the Previous Announcement | Click Here |
| Change Details | The net selling price of the property amounted to SAR 71,750,000 (Seventy-one million and seven hundred fifty thousand Saudi Riyals), net of real estate transaction tax and brokerage fees which are borne by the buyer, with a term an amount of (14,000,000) fourteen million Saudi Riyals will be paid by the current tenant in exchange for terminating the current lease agreement with them. The Fund acquired the Property in February 2019, generating an average annual rental income of around 8% over its holding period. This sale bolsters the flexibility of the Fund and its balance sheet allowing the Fund to use the sale proceeds to pay off part of its outstanding bank facilities, fund the acquisition of other income generating real estate assets, or develop and enhance the performance of properties owned by the Fund. |
| The Impact Caused by the Change | This transaction is expected to have an overall favorable effect and reflect on the Fund’s results of operations. |
