Riyadh – Musharaka REIT Fund, managed by Musharaka Capital Company, plans to acquire Gardino Hotel in Riyadh for SAR 85.5 million, according to a bourse filing.
The 3,495.35-square-metre asset has an annual leasing value of SAR 7.77 million, holding a 10-year tenancy term.
Musharaka expects to complete the required administrative and legal procedures to transfer the property title deed within 90 days from 11 July 2021.
Musharaka Capital will use a Shariah-compliant credit facility to finance the acquisition transaction, which is expected to reflect positively on the fund, as it will likely improve its ability to generate cash flow and leverage up net income.
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