Mulkia REIT signs agreement to acquire new property in Riyadh for SAR 200M

25/03/2024 Argaam
Logo ofMulkia Gulf Real Estate REIT Fund

Logo of Mulkia Gulf Real Estate REIT Fund

Mulkia Gulf Real Estate REIT Fund signed an acquisition agreement to buy a new real estate property, Malathak Tower 2, in Riyadh's Al-Maathar neighborhood, Mulkia Investment Co., fund manager and operator, said in a statement to Tadawul.

 

Acquisition details

Property

Malathak Tower 2

Location

Al-Maathar neighborhood, Riyadh

Type

Income-generating property (Commercial residential space)

Description

Residential and commercial units

BUA

55,300 sqm

Space

6,220 sqm, plus another 3,100 sqm land plot

Annual Rental Income (1st-5th year)

SAR 20 mln in line with a lease contract

Acquisition Value

SAR 200 mln

 

 

 

 

 

 

 

 

 

 

 

 

Located in a central and highly populated location, the property is surrounded by several government agencies. The acquisition deal will likely reflect positively on the fund, diversifying its activity portfolio while boosting returns.

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