Mulkia Investment Announces a Material Development to Mulkia Gulf Real Estate REIT
|Description of the Event||On 08/08/2019 the fund has signed an agreement to purchase Elite Mall building located in Riyadh (Dhabab street) on a land area of 9,600 square meters and a building area of 21,929 square meters, and the value of the deal is 201.5 million riyals, note that the property will be fully leased for five years with a net income of 16 million riyals per year starting from the date of transfer of ownership|
|The Impact Caused by the Event||The acquisition will be by increasing the size of the fund by approximately 80.6 million riyals at a price of 9.94 riyals / unit, which represents 40% of the value of the property and the remaining value will be paid by financing after obtaining the necessary approvals according to the relevant regulation.|
|Additional Information||The seller is not a related party|
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