Unit holders of Riyad Real Estate Investment Traded Fund (Riyad REIT Fund) approved increasing capital to SAR 1.633 billion, from SAR 500 million in order to acquire new real estate assets.
The amended terms and conditions which include a change in fund’s size, number of units, definitions, fund risks, the capital’s growth mechanism, and allocation mechanism were approved, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.
In February, the Saudi Capital Market Authority (CMA) approved Riyad Capital’s request to raise the fund’s capital.
The fund was listed on Tadawul under the real estate investment traded funds (REITs) sector on 13 November 2016.
By 1:16 pm KSA time, the fund’s stock shed 0.33% to SAR 9.03.