Bonyan REIT finalizes exist of Dubai properties with SAR 279.9M returns

Logo of Bonyan REIT

BSF Capital, in its capacity as the fund manager of Bonyan REIT, announced the completion of its exit from the Citywalk 2B Residential Building property in Dubai, UAE.

In a statement to Tadawul, the fund manager said that the property, which includes 69 real estate units, was initially acquired at the onset of the fund’s inception for SAR 262.5 million (excluding transfer and registration fees).

The property was then operated by the fund, generating a rental income of SAR 54.92 million throughout its investment period.

The fund started selling the building’s units in December 2022. It has finalized the divestment with total sales proceeds of SAR 279.92 million.

Most sales proceeds were used for the early prepayment of a Shariah-compliant credit facility, the statement added.

The financial impact of the sale is generally positive. It shall reflect in the fund’s financials for 2024, the fund manager further indicated.