Mulkia REIT concludes ownership transfer for Dammam land

10:04 AM (Mecca time) Argaam
Logo ofMulkia Gulf Real Estate REIT (Mulkia REIT)

Logo of Mulkia Gulf Real Estate REIT (Mulkia REIT) 

Mulkia Gulf Real Estate REIT (Mulkia REIT) announced the completion of ownership transfer and acquisition procedures of the Dammam commercial land plot, fund manager Mulkia Investment Co. said in a statement to Tadawul.
 

The acquisition will likely boost the company’s diversified real estate portfolio and expand its footprint, in addition to increasing the fund returns upon finalizing the projects planned for the transaction-related asset.

 

Gulf Real Estate Co. is considered a related party, as it owns over 5% of the fund’s units; however, the deal does not include any preferential terms, the statement added.

 

The fund signed an agreement in May to acquire a commercial land plot in Dammam, spanning 11,140 square meters, for SAR 33.4 million, excluding VAT and brokerage fees, data available on Argaam showed.

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