Musharaka REIT completed the acquisition of Al Bazai showrooms for Toyota, Lexus, and Skoda, along with a dedicated car maintenance center, in Riyadh for SAR 70 million, Musharaka Capital, the fund manager, said in a bourse filing on Tuesday.
The acquisition is funded through Shariah-compliant bank facilities, it added.
The property will be leased for 15 years to Saleh Abdullah Al Bazai & Sons Company, with the first 10 years of the contract binding under promissory notes.
The annual rental value starts at SAR 6 million, which will increase every five years by 10%.
The financial impact of the deal is expected to reflect in Q1 2020, the statement said.
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