Mubasher: Riyad REIT Fund has completed an acquisition deal of a property in Riyadh for SAR 136.62 million ($36.43 million), which was financed through a Sharia-complaint bank loan. 

The commercial part of the property has an occupancy rate of 82%, generating a rental income of SAR 5.8 million per year that started in the second quarter of 2017, according to a bourse filing issued on Thursday.

Boudl Hotel and Resort is expected to operate the property under the brand name Braira Hitten. 

Operations are expected to begin in the fourth quarter of 2017, the statement added.