Mulkia Gulf REIT finalizes transfer of 63.6% ownership of Al-Jadah complex

Logo of Mulkia Gulf Real Estate REIT Fund

Mulkia Gulf Real Estate REIT Fund completed the ownership transfer of 63.61% of Al-Jadah mixed-use development under the first phase of the acquisition.

The deal is expected to boost the fund’s revenue starting from the date of title deed transfer, Mulkia Investment Co., the fund manager, said in a statement to Tadawul.

On Jan. 30, the fund signed an agreement to acquire Al Jadah mixed-use development in Riyadh for SAR 335 million, excluding tax and brokerage commission fees, Argaam earlier reported.

The acquisition process will take place in two phases. Phase one will be against a cash payment through the fund’s available financing to acquire 63.61% of the property.