Jadwa REIT Saudi finalizes sale of residential part of Al Khobar property

28/02/2024 Argaam

Jadwa REIT Saudi finalizes sale of residential part of Al Khobar property

Logo of Jadwa Investment Co.

Jadwa REIT Saudi Fund completed the sale and transfer of title deed of Al Fanar Residential Complex in Al Khobar after fulfilling the contract terms and receiving the sale proceeds, fund manager Jadwa Investment Co. said in a statement to Tadawul.

 

The impact is expected to be positive on the fund as the financial impact of the sale will be included in the fund's financial statements for H1 2024, the fund manager added.

 

Any new development will be disclosed in due course, Jadwa Investment said.

 

On Aug. 23, 2023, Jadwa REIT Saudi signed a sale and purchase agreement for Al Fanar Residential Compound for SAR 90 million. The proceeds will be used for acquiring more accretive income-generating real estate assets or to partially pay the existing bank facilities, which will alleviate the financial liabilities of the fund, according to data available with Argaam.

 

The fund acquired the property in February 2018 and obtained an annual net rent yield of 8.25% over the period.

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