Logo of Al Maather REIT Fund
Al Maather REIT Fund’s manager, Osool and Bakheet Investment Co., announced an extension to the non-binding memorandum of understanding (MoU) signed to acquire the Burjeel Hospital building in Sharjah, UAE.
According to a bourse statement, the MoU has been extended to expire on Dec. 23, against the earlier deadline of Dec. 4.
The aim is to ensure additional time to complete the due diligence and regulatory procedures, in preparation for the signing of a binding purchase agreement, which will be announced at a later period.
This acquisition will be positively reflected on the funds unit holders and will boost the fund’s asset and geographical diversification. It will also achieve a net positive return as the unit holders will benefit from the differences between financing costs and rental income, the company added.
In October, Al Maather REIT Fund announced signing of the non-binding MoU to acquire the Burjeel Hospital building in a deal worth AED 100 million, Argaam reported.
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