Al Rajhi REIT Fund (SASE:4340) signed a memorandum of understanding to acquire 3 Educational properties from Al Khaleej Training & Education on March 31, 2019. The consideration will be paid as combination of cash and issuing additional units to Al Khaleej Training & Education. The cash consideration will be paid from from existing debt facility.

The transaction will require a capital increase in Al Rajhi REIT Fund. The transaction is subject to legal due diligence, technical due diligence, CMA and unit holder approval. The memorandum of understanding has a validity of 180 days from date of signing.

On September 30, 2019, the validity of the memorandum of understanding has been extended for a period of 30 days until October 30, 2019. On October 30, 2019, the validity of the memorandum of understanding has been extended for a period of 30 days until November 30, 2019. As on November 28, 2019 the validity of the memorandum of understanding has been extended for a period of 31 days until December 31, 2019.

All the terms and conditions of the memorandum of understanding remain unchanged.