Jadwa REIT Al Haramain acquires property in Makkah

Jadwa REIT Al Haramain has acquired a commercial property in Makkah for SAR 35 million, Jadwa Investment, the fund manager, said in a statement to Tadawul on Wednesday.

The purchase of the restaurant, located in Ibrahim Al Kahlil Street, was financed through the existing Sharia-compliant debt facility.

The property is leased for SAR 2.2 million per Hijri year and carries an initial acquisition yield of 6.3 percent (equivalent to 6.5 percent on the Gregorian year).

The lease term starts from the date of the acquisition and ends on August 2021.

The property was purchased from a non-related party after the completion of the due-diligence and obtaining unanimous approval from the fund's board, the statement added.