Riyadh — Mubasher: Jadwa Investment on Sunday announced that Jadwa REIT Saudi Fund has acquired a SAR 25.650 million educational property in Riyadh.
Located along Prince Abdulaziz Bin Thunayan Street, Nakheel District, the property has a land size of 3,000 square metres and a built-up area of 9,700 sq metres, Jadwa said in a statement to the Saudi Stock Exchange (Tadawul).
The acquisition of the property will be financed through the existing sharia-compliant credit-line facility obtained from Banque Saudi Fransi, the privately owned investment bank added.
The property, leased on 17 May 2018 for a 10-year lease term, has been valued by two licensed independent valuers for an average price of SAR 31.125 million and has received the fund board and sharia approval on the acquired property, according to the statement.
Jadwa noted that the result of the acquisition is expected to be positive on the REIT’s financial performance within the first quarter of 2019.
The Saudi investment bank confirmed that there are no related parties in the acquisition.
