Specialized Medical Company (SMC Healthcare) announces an update on its intention to establish Al Wadi Real Estate Fund
| Element List | Explanation |
|---|---|
| Introduction | Further to the announcement made by SMC Healthcare (the “Company” or “SMC”) on Tadawul on 2025/12/01 regarding the intention to establish Al Wadi Real Estate Fund (the “Fund”), the Company announces that it has signed an agreement with BLME Capital Company (BLME Capital is a subsidiary of Bank of London and The Middle East plc which is a Sharia'a compliant bank, with an independent Sharia’a Supervisory Board, providing Real Estate focused Wealth Management solutions, commercial Real Estate Finance, and Savings products) to establish the Fund and transferring ownership of the land owned by the Company to the Fund.
The targeted total fund size is approximately SAR 413 million, comprising equity capital of approximately SAR 163 million (approximately 39.5% of the total fund size) and debt financing of approximately SAR 250 million (around 60.5% of the total fund size). SMC will contribute its land, with an area of approximately 4,210 square meters, as an in-kind equity contribution valued at approximately SAR 100 million (around 61.3% of the equity capital and approximately 24% of the total fund size) based on an independent third-party fair market valuation. The remaining equity capital of approximately SAR 63 million will be raised in cash from institutional and qualified investors to fund construction and development costs, pre-opening expenses, and contingencies. The Fund’s primary objective will be to develop a mixed-use project on the contributed land located on Riyadh’s Northern Ring Road. |
| Previous Announcement | Specialized Medical Company (SMC Healthcare) announces the intention to establish Al Wadi Real Estate Fund |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-12-01 Corresponding to 1447-06-10 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Signing of an agreement with BLME Capital Company (BLME Capital) and transferring ownership of the land owned by the Company to the Fund. |
| Reasons For The Delay on The Date of The Event Previously Announced | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Delay consequences on the Company’s financial results | N/A |
| Additional Information | The Company will announce any updates or developments in this regard in due course. |
Comments