Mulkia Gulf Real Estate REIT Fund completed the acquisition of Elite Mall building in Riyadh for SAR 201.5 million, fund manager Mulkia Investment Co. said in a bourse statement on Monday.
The fund paid 60%, or SAR 120.9 million, in cash to the seller through bank facilities. It will also issue 8.11 million units in-kind to pay the remaining 40%, or SAR 80.6 million.
The transaction is expected to have a positive impact on the fund’s future performance, the company said, adding that no related parties are involved.
In February, Mulkia REIT’s unitholders approved a capital increase from SAR 600 million to SAR 681.1 million, through issuance of new units to the seller of Elite Mall in order to complete the acquisition deal.
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REIT Details |
|
|
Current capital |
SAR 600 mln |
|
Target capital |
SAR 681.09 mln |
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Number of current units |
60 mln units |
|
Number of target units |
68.11 mln units |
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Current fund size |
SAR 751 million |
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Target fund size |
SAR 971.34 million |
|
Offered additional units |
8.11 |
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Offered additional units (%) |
8.3% |
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Total value of additional units at target's offer price |
SAR 80.60 mln |
|
Price of units on offer |
SAR 9.94/ unit |
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