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Al Maather REIT Fund seals SAR 23.1m deal on Towlan

Al Maather REIT Fund seals SAR 23.1m deal on Towlan
Towlan Hotel Suites

Riyadh – Mubasher: Al Maather REIT Fund has finalised a deal on purchasing Towlan Hotel Suites in Al Khobar City in Saudi Arabia on Thursday, 5 September 2019, Osool and Bakheet Investment Company announced in a bourse filing to the Saudi Stock Exchange (Tadawul) on Sunday.

This contract is valued at SAR 22 million, in addition to a value-added tax (VAT) of SAR 1.100 million.

Furthermore, a ten-year leasing contract on Towlan Hotel Suites was signed with an annual rental value of SAR 2.310 million, with a 10.5% yearly rate of return.