Alinma Retail REIT completes acquisition of property in Riyadh for SAR 52 mln

Logo of Alinma Investment Co.

Alinma Investment Co. announced completing the acquisition and ownership transfer of an office and commercial building in Riyadh, in favor of Alinma Retail REIT Fund,  following the successful completion of legal and technical procedures. 

In a statement to Tadawul, the company said the property was purchased for SAR 52 million, excluding real estate transaction tax. The brokerage fee stood at SAR 500,000.  

The total amount was funded through the available bank facility, the fund manager said. 

The related financial impact will be positive and reflect on the fund's financials during the upcoming period.  

According to data compiled by Argaam, Alinma Investment announced, in November 2022, that Alinma Retail REIT acquired an office and commercial building in Riyadh worth SAR 52 million. 

The project, covering an area of 4,875 square meters (sqm), has a built-up area of 10,955 sqm and a leasable area of 6,644 sqm.

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