Al Mashaar REIT completes Riyadh office acquisition deal worth SAR 135 mln

21/03/2021 Argaam

Logo of Al Mashaar REIT Fund

Al Mashaar REIT Fund completed the sale and purchase agreement to acquire a commercial property iOffices in Riyadh for a total value of SAR 135 million, fund manager Muscat Capital said in a bourse statement.

 

The process of transferring the ownership of the building to the REIT is under process and is expected to take place in the coming days.

 

The acquisition was fully financed from the Sharia compliant loan facility signed between Riyad Bank and Al Mashaar REIT.

 

The financial impact of the deal is expected to be positive, which will be reflected in the results of the fund for 2021.

 

According to data compiled by Argaam, Al Mashaar REIT signed, on Feb. 28, 2021, a memorandum of understanding (MoU) to acquire a commercial property iOffices in Riyadh for a total value of SAR 135 million.

 

The property comprises three Class A income generating commercial office towers, situated on a prime location in Thumama Road, next to the Aliya Plaza Complex in Rabeea district.

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