Kuwait Real Estate buys real estate assets at $14mln
The assets’ purchase value will be funded through credit facilities by a Kuwaiti bank with a suitable interest rate and a flexible repayment period
Image used for illustrative purpose. Kuwait City Skyline, Kuwait.
Getty Images/Emad Aljumah
By Staff Writer, Mubasher
Kuwait Real Estate signed a contract to purchase three real estate assets worth KWD 4.17 million in Kuwait.
The assets’ purchase value will be funded through credit facilities by a Kuwaiti bank with a suitable interest rate and a flexible repayment period, Kuwait Real Estate announced in a Sunday statement by Boursa Kuwait.
The company added that the contract’s revenues are expected to reach 8.8% annually, which will be registered in the financial statements of the first quarter of 2020.
It is noteworthy that during the first nine months of 2019, Kuwait Real Estate’s profits record 34.9% growth to KWD 6.77 million, compared to KWD 5.02 million in the same corresponding period a year earlier.
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