Riyadh – Musharaka Capital, manager of Musharaka REIT Fund, has completed necessary procedures to take over one of the largest self-storage warehouses in the Middles East region for around SAR 47 million.
The acquired warehouse is located in Dubai city.
The transaction was financed by sharia-compliant credit facilities, according to a stock exchange filing on Sunday.
Musharaka Capital signed a binding 25-year lease agreement with The Box Self Storage that can be extended for another five years. The yearly rental value is AED 4 million with 10% rental increment every five years.
The acquisition is expected to increase Musharaka REIT’s profits and reduce any future volatility in the revenue stream.
Hussain Lotah Law Firm was appointed as the transaction’s legal advisor. Moreover, the company collaborated with other international service providers, including real estate agents and accounting firms to conduct rigorous and sober due diligence on the property.
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