Bonyan REIT sells 38 units in Dubai City Walk for SAR 154.21 mln

04/10/2023 Argaam
Logo ofBonyan REITFund

Logo of Bonyan REIT Fund

Saudi Fransi Capital, the fund manager of Bonyan REIT, announced the sale of 38 units in the City Walk residential building, located in Dubai, at a total value of SAR 154.21 million.

 

In a statement to Tadawul, the company said that the net proceeds received are SAR 147.6 million, equivalent to 107.80% of the book value of the sold assets.

 

The fund intends to continue the sales of the residential units until the property is completely divested. It also intends to use the sale proceeds for the early payment of a Sharia-compliant loan facility for Bonyan REIT, the statement added.

 

The related financial impact will be positive overall and will be reflected in the fund’s end-of-year financial results for 2023.

 

The property, which includes 69 units, was initially acquired during the fund’s inception for SAR 273 million, according to the statement.

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