Musharaka REIT Fund has completed the procedures required for converting Al Kharj Plaza project from usufruct to free ownership system, the fund manager, Musharaka Capital said in a bourse statement.
The fund fully acquired the project land for a total value of SAR 25 million.
The deal was completed after obtaining reports from two property valuators with an average value of SAR 32.19 million.
The amount will be financed from the available Shariah compliant facilities.
The move was driven by the fund manager’s outlook for future growth amid higher supply and demand in the area.
The land, which has a total area of 16,095 m², is located on King Abdullah bin Abdul Aziz Road in Al Kharj City.
The building area is 9,521 m² while the property age is five years.
The project’s acquisition value is SAR 28.05 million, which brings the total acquisition value to SAR 53.05 million.
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Property Details |
|
|
City |
Al Kharj |
|
Land area |
16,095 m² |
|
Building area |
9,521 m² |
|
Building age |
5yrs |
|
Land acquisition value |
SAR 25 mln |
|
Project acquisition value |
SAR 28.05 mln |
|
Total acquisition value |
SAR 53.05 mln |
|
Total expected revenue |
SAR 5 mln |
|
Property leased area Vs. total leasable area |
93% |
|
Trade names of the main tenants |
Al Danube, Macdonald’s and Red Tag |
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