Riyadh – Mubasher: Musharaka REIT is about to acquire new property in Riyadh with a total value of SAR 70 million, after been assessed by two accredited assessors, according to Musharaka Capital’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

Located in a strategic area, the new property will be re-rent to the same seller, Saleh Al-Bazai Company, who is an agent for Toyota and Lexus, as well as an exclusive dealer for ŠKODA in Saudi Arabia.

The new rent deal will extend for 15 years, ten of them are under promissory notes.

The rent value will be SAR 6 million, to be increased by 10% every five years.

Musharaka Capital, the fund manager, noted that this transaction will be financed through loans, affirming that the deal is expected to boost the fund’s profits.

The related regulatory measures are expected to be finalised in 60 days.