Riyadh – Musharaka Capital has completed the legal and regulatory procedures for the acquisition by its REIT Fund of Gardinio Hotel, located in Olaya district in Riyadh.
The asset’s title-deed has been transferred to Musharaka REIT, according to a bourse filing on Sunday.
The acquisition transaction was executed for SAR 85.5 million in value that was fully financed by a Sharia-compliant credit facility.
Musharaka Capital noted that the lease agreement has been transferred to the fund as a development and commercial investment and tenant for 10 years starting 1 November 2021.
The lease deal will be for an average annual revenue of SAR 7.77 million, with the first installment that is worth SAR 7 million received in advance.
The acquisition is expected to reflect positively on Musharaka REIT Fund’s financial results.
Last July, the fund manager Musharaka Capital announced the acquisition plan.
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