Riyadh – Mubasher: Musharaka Capital Company, the fund manager for Musharaka REIT fund, started the acquisition procedures of a property in Dubai at a total value of AED 46 million ($12.5 million).

The property, one of the Middle East's largest self-storage facilities, will be released to the current tenant "The Box Self Storage Services Company", according to the company's disclosure to the Saudi Stock Exchange (Tadawul).

Under a 25-year leasing contract, the property's annual rental value starts at AED 4 million, with a 10% rise in rental value every five years.

The acquisition will be financed through the bank facilities available to the fund.