Mubasher: Arkan Al Kuwait Real Estate announced reaching a preliminary agreement to purchase an income-generating industrial property in the industrial area of Al Shuwaikh at a value of KWD 1.5 million over the coming period.

The transaction’s expected yield amounts to 10.14%, while the property’s area stands at 1,000 square metres, according to a statement to Boursa Kuwait.

Arkan further noted that the deal’s financial impact will be realised in its annual financial statements upon the signing of the agreement.

In March, Arkan Al Kuwait Real Estate reported a decline of 5% during the first quarter that ended on 31 January 2019, reaching KWD 304,520, compared to KWD 321,230 during Q1-18.

The Kuwaiti real estate developer’s ordinary general meeting (OGM) in February approved the board’s proposal to distribute KWD 2.03 million as cash dividends for fiscal year 2018.