Mulkia REIT completes acquisition of Elite Mall for SAR 201.5 mln
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.
SAR 600 mln
SAR 681.09 mln
Number of current units
60 mln units
Number of target units
68.11 mln units
Current fund size
SAR 751 million
Target fund size
SAR 971.34 million
Offered additional units
Offered additional units (%)
Total value of additional units at target's offer price