Musharaka unveils developments on REIT fund’s acquisition deal

The acquisition is expected to reflect positively on Musharaka REIT Fund’s financial results

  
Image used for illustrative purpose. The view of high rises in King Abdullah Financial District in Riyadh.

Image used for illustrative purpose. The view of high rises in King Abdullah Financial District in Riyadh.

Getty Images

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.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Real Estate