Riyadh - Mubasher: Specialized Medical Company (SMC Healthcare) has signed an agreement with BLME Capital Company, a subsidiary of Bank of London and The Middle East plc, to launch Al Wadi Real Estate fund.
The penned deal also covet the transfer of SMC Healthcare’s land ownership to the fund, according to a bourse filing.
Meanwhile, the targeted total fund size is approximately SAR 413 million, consisting of nearly SAR 163 million in equity capital and SAR 250 million in debt financing.
SMC Healthcare noted that the fund's primary objective is to develop a mixed-use project on the contributed land located on Riyadh’s Northern Ring road. It will further allocate the 4,210 square meters (m2) land plot to the fund as an in-kind equity contribution valued at around SAR 100 million.
Meanwhile, the remaining equity capital of around SAR 63 million will be raised in cash from institutional and qualified investors to fund construction and development costs, pre-opening expenses, and contingencies.
In October 2025, SMC Healthcare announced plans to launch its first outpatient clinic center in Al Malqa district in the northwestern region of Riyadh.
It is worth noting that BLME Capital's parent entity is a Sharia-compliant bank, with an independent Sharia supervisory board, providing real estate focused wealth management solutions, commercial real estate finance, and savings products.
