Riyadh – Mubasher: Riyad REIT acquired a property in Riyadh at a value of SAR 41 million ($10.93 million) which will be financed through a Sharia-compliant bank debt.
The property consists of five-star hotel villas leased for 15 years and operated under the Vivienda brand, according to a bourse filing on Thursday.
The current net operating income is SAR 3.5 million per year. The impact of acquisition will start from the purchase date.
This acquisition is a continuation of Riyad REIT's strategy to expand and diversify its real estate portfolio through the acquisition of high quality properties located in strategic locations with long-term leases by credit-worthy tenants, the statement.
