Riyad REIT said it has completed the acquisition of a property in Riyadh for SAR 136.62 million, which was financed through a Shariah-complaint bank loan.
One component of the property includes a luxury hotel, gym, spa and restaurant while the other includes commercial offices and food & beverage outlets, the real estate investment fund said in a statement to Tadawul on Thursday.
It is currently in the leasing phase with 82 percent occupancy and generates a rental income of SAR 5.8 million that started retrospectively in Q2 2017.
The fund expects the hospitality component of the property to be operated by Boudl Hotel and Resort under the brand name, Braira Hitten. Operations are expected to begin in Q4 2017.
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