AlAhli REIT Fund (1) finalizes acquisition of SAR 250 mln office complex in Riyadh

AlAhli REIT Fund (1) completed the acquisition and title deed transfer of a two-floor office complex in Riyadh, NCB Capital, the fund manager, said in a statement to Tadawul on Tuesday.

The property, which was purchased for SAR 250 million, was financed by the existing bank facility available to the fund.

The complex is fully leased for three years with an 8.6% yield.

The financial impact of the deal is expected to be generally positive on the fund's results starting from H2 2020, the statement added.

On Oct. 22, 2019, NCB Capital announced signing a purchase agreement for the acquisition of the aforementioned complex.