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Riyadh - Al Ma'ather REIT Fund has completed the purchase of the Burjeel Hospital building, located in Sharjah in the UAE, in exchange for AED 105 million.
The transaction is valued at AED 100 million and AED 5 million value-added tax (VAT), according to a bourse filing on Sunday.
The property is leased to VPS Healthcare (LLC), which is the operator company of Burjeel Hospital chain in the UAE, with an annual rent valued at AED 8 million.
For a 20-year period, the rent's value will gradually increase by AED 500,000 every five years.
The acquisition will have a positive impact on the fund by raising its revenue after deducting the fees and expanding the weighted average lease expiry.
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