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| 11 June, 2018

Mulkia REIT acquires 4 properties for $18.25mln

The properties include Vivienda Villas, a commercial residential complex in Alhada district in the capital city of Riyadh

Image used for illustrative purpose.
A view shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017.

Image used for illustrative purpose. A view shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017.

REUTERS/Faisal Al Nasser

Riyadh –  Mulkia Investment Company, which manages Mulkia Gulf Real Estate REIT, on Sunday announced that its unit holders have approved the acquisition of several properties for a total value of SAR 66.71 million.

The properties include Vivienda Villas, a commercial residential complex in Alhada district in the capital city of Riyadh, for SAR 30.750 million. Mulkia’s new investment entails the acquisition of a 24% stake in the project from Forus Real Estate Investment and Development Company.

Mulkia REIT had previously acquired 76% of the property. Accordingly, its latest investment makes it the sole owner of the property.

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The REIT, which is listed on the Saudi Stock Exchange (Tadawul), also acquired two commercial buildings rented by Olayan Food Services, which operates the Burger King franchise in the Kingdom. The Jeddah properties are located in Alsheraa district and North Obhur district and were purchased for SAR 15.562 million and SAR 7.338 million, respectively, according to a statement.

In addition to the above, Mulkia REIT acquired a third commercial building rented by Olayan Food Services for SAR 13.059 million.

The REIT last closed Thursday at a rise of 0.5% to SAR 8 per unit.

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