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Mulkia Investment’s fund acquires SAR 50m property in Riyadh

Mulkia Investment’s fund acquires SAR 50m property in Riyadh
The property is a 3-star hotel apartments building

Riyadh – Mubasher: Mulkia Investment has announced that its Mulkia Gulf Real Estate REIT bought a SAR 50 million hotel apartments building in Riyadh city’s Namuthagiyah district.

The property is a 3-star hotel apartments building that spans 11,613 square metres and includes 128 furnished units, according to a bourse statement released on Tuesday.

“After transferring the ownership of the real estate property, a 10-year committing agreement will be signed with the First Room Hotel Company with a net annual yield of 10% of the acquisition price,” the statement revealed.

Moreover, the lease agreement will come into effect as of 1 January 2020.