AlAhli REIT 1 extends ownership transfer of SAR 250 mln office complex by 3 months

AlAhli REIT Fund’s 1 board of directors approved extending the period required to complete the ownership transfer of Riyadh’s commercial office complex for additional 3 months ending on March 31, 2010, NCB Capital, the fund manager, said in a statement to Tadawul.

The acquisition is expected to have a positive impact on the fund’s results following the deal completion.

Earlier in October, AlAhli REIT 1 signed a contract to acquire a commercial office complex in Riyadh for a total value of SAR 250 million for leasing purposes, and expected to complete the ownership transfer by the end of 2019, Argaam reported.