The agreement signed by Al Mashaar REIT to acquire 8 warehouses in Riyadh for the total amount of SAR 129.150 million is “preliminary”, Muscat Capital said in a statement to Tadawul on Tuesday.

 

The statement added that the agreement validity is subject to the ownership transfer within 3 months from the date of signature, extendable with the consent of both parties. 

 

It also stated that transaction will be financed through bank facilities, expecting a positive impact on the fund’s financial results during the first quarter of 2020.

 

Argaam reported earlier that warehouses span over 85,000 square meters, and the facility will be fully released for a period of 5 years with a compulsory annual tenancy contract and a total net rental of SAR 11.54 million. 

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