Al Maather REIT Fund has signed an agreement to acquire Towlan Hotel Suites in Al Khobar for SAR 22 million, the fund said in a bourse statement.

 

The purchase will be financed through a Shariah compliant bank financing.

 

The property is located in Al Khobar on a land area of 1,700 square meters with a building area of 6,276 square meters.

 

The deal is not a related party transaction, the statement added.

 

The fund plans to rend the whole building for an annual rent of SAR 2.31 million through a ten-year binding agreement starting from the purchase date.

 

The property’s seller will also provide promissory notes throughout the whole renting period.

 

The deal is expected to have a positive impact on the fund’s financials upon transferring the property’s ownership, the statement also said.

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