Jadwa REIT Al Haramain plans to merge and redevelop two properties

Jadwa Investment, fund manager of Jadwa REIT Al Haramain Fund, announced a plan to redevelop Tharawat Wadi Ibrahim Hotel and the restaurant building, by merging the two properties and developing them into a hotel tower.

The fund manager said in a bourse filing on Tuesday that the redevelopment plan will make full use of the allowable built up area, resulting in an increase in the leasable area and the number of hotel rooms.

The fund manager added that it obtained the approval of the fund’s board for the redevelopment plan that will be financed through the bank facility.

Therefore, the current lease contracts will be terminated and the two properties will be handed over to start the work, the statement also said.

The fund manager expected the financial impact to be positive post redevelopment, adding that there are no related parties involved.