Mulkia Gulf REIT closes acquisition of tower in Riyadh

Logo of Mulkia Gulf Real Estate REIT

Mulkia Gulf Real Estate REIT completed today, July 24, the ownership transfer procedures for Al-Maathar’s residential and commercial tower “Malathak Tower 2” in Riyadh, Mulkia Investment Co., fund manager and operator, said in a statement to Tadawul.

The fund manager expects the acquisition to positively impact the fund by enhancing the diversification of its real estate activities and their geographical distribution. The property is located in a densely populated area, close to many ministries and services, which is also expected to boost the fund's returns.

For More Mergers and Acquisitions

Last March, Mulkia Investment signed an agreement to acquire a new property for the fund at a total value of SAR 200 million in Al-Maather neighborhood, Riyadh, Argaam earlier reported.