Jadwa REIT acquires educational property for SAR 25 mln

27/01/2019 Argaam

 

Jadwa REIT has acquired an educational property in Riyadh for a total value of SAR 25 million, fund manager Jadwa Investment said in a bourse filing on Sunday.

 

Spanning a built-up area of 9,700 square meters, the acquisition of the property will be financed through the existing Shariah compliant credit-line facility obtained from Banque Saudi Fransi.

 

The property is currently leased to Rawd AlJinan Private School for SAR 2.5 million per year for a ten-year lease term, with a break, which can be exercised by the tenant upon the completion of five years, with a three-month notice.

 

The acquisition carries an initial yield of 9.8 percent and has been valued by two licensed independent valuers for an average price of SAR 31 million.

 

Jadwa expects the results of the acquisition will be positive on the REIT’s financial performance in the first quarter of 2019.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read