Riyadh- Mubasher: Mulkia Gulf Real Estate REIT Fund on Thursday announced that it took over a 76% stake of Vivienda Hotel Villas Al Hada at a value of SAR 95 million.
The takeover will be financed in part through the available from the offering surplus of SAR 18 million, according to a bourse filing.
REIT Fund manager plans for financing the rest of the acquisition valued at SAR 77 million through loans from local banks in order to complete the contract with two months from the signing date.
Villas Al Hada is located on a 10,000 square meters, represented in the hospitality and leisure sector, the company said.
Moreover, Mulkia inked another agreement to lease the project to Forus Real Estate investment & Development Company for 20 years starting with a lease of SAR 11 million in the first five years, increasing by 7% every five years, according to Mulkia’s statement.
