Riyadh – Mubasher: Al Rajhi Capital on Thursday announced that Al Rajhi REIT Fund finished acquiring Lulu Central Logistics at a value of SAR 52.25 million ($13.93 million).

The transaction was financed through sharia-compliant loans, according to Al Rajhi Capital’s statement to the Saudi Stock Exchange (Tadawul).

“The property is fully leased to Lulu Saudi Hypermarkets LLC, with an annual rent payment of SAR 3.795 million, [while] the annual rent will be increased by 12% every five years," the Saudi firm’s statement further noted.

The current lease with Lulu Saudi Hypermarkets LLC will last for 15 years while starting from 16 December 2016. 

It is forecast that the acquisition’s impact will be positive on the Fund’s performance in the next financial results.

By 12:42 pm Saudi time, Al Rajhi REIT Fund’s stock edged down 0.62% to reach SAR 7.95.