Logo of Taleem REIT Fund
Saudi Fransi Capital, the fund manager of Taleem REIT Fund, announced in a bourse filing that the fund completed, on Feb. 13, the acquisition of a portfolio of four educational properties for SAR 148.5 million, reflecting an average yield of 8.4%.
The portfolio comprises three kindergartens in Riyadh and a school in Dammam. The total land area of the portfolio is 19,424 square meters (sqm), with a total built-up area of 30,300 sqm.
The deal was financed through a Shariah-compliant loan facility, the fund manager said, adding that the four properties are leased to Alkhaleej Training and Education Co. as a triple-net lease, with an average remaining lease term of 17.6 years.
The fund will pay a brokerage fee in respect of the acquisition, and the relevant financial impact is expected to be positive on the fund's financial results.
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