Jadwa REIT Saudi closes acquisition of commercial land in Jeddah

18/02/2024 Argaam

Jadwa REIT Saudi closes acquisition of commercial land in Jeddah

Logo of Jadwa Investment Co.

Jadwa Investment Co. completed the purchase of a leased land in Jeddah and transferred it to Jadwa REIT Saudi Fund today, Feb. 18.

 

The company anticipates that the deal will have a generally positive financial impact on Jadwa REIT Saudi, with the effects appearing in the fund's financials in the second quarter of 2024, subject to the deal's completion, according to a statement to Tadawul.

 

Any related developments will be disclosed in due course, Jadwa Investment stated.

 

In May 2023, Jadwa Investment announced signing an addendum for the purchase of a leased land in Jeddah, which included decreasing the purchase price by 20% from SAR 500 million to SAR 400 million (excluding real estate transaction tax and acquisition fees), according to data available on Argaam.

 

The acquired land is designated as commercial and spans a total area of 161,300 square meters, located in the Al Zahra district of Jeddah.

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