Mulkia REIT unitholders to vote on capital top-up to acquire Al Jadah complex on Feb. 26

13/02/2023 Argaam

Mulkia REIT unitholders to vote on capital top-up to acquire Al Jadah complex on Feb. 26

Logo of Mulkia Gulf Real Estate REIT Fund


Mulkia Investment Co., the fund manager and operator of Mulkia Gulf Real Estate REIT Fund, said the fund's unitholders will meet on Feb. 26, to vote on increasing the fund's total assets through issuing additional units (in-kind and cash).

 

The fund's capital increase will range between SAR 250 million maximum and SAR 114.86 million minimum, the fund manager said in a statement to Tadawul.

 

Unitholders will also vote on the supplementary annex to the fund's terms and conditions, which was prepared mainly to reflect the increase in the fund's total assets.

 

Mulkia Investment announced signing an agreement, in January 2022, to acquire Al Jadah mixed-use development in Riyadh. The property was acquired for SAR 335 million, excluding tax and brokerage commission fees, according to data available with Argaam.

 

Acquisition Details

Property

Al Jadah mixed-use complex

Location

Qortoba district, Riyadh

Description

Rental units including restaurants, cafes, showrooms, offices, villas and a 5-star hotel

Operator

Radisson Blu

Building area

33,000 sqm

Land area

21,670 sqm

Expected annual rental income

SAR 26.3 mln

Acquisition value

SAR 335 mln

 

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read