Riyadh - Mubasher: Mulkia Investment Company has signed a SAR 335 million agreement to acquire a new real estate property for the benefit of Mulkia Gulf Real Estate REIT Fund.

Located in Qurtobah in Riyadh, close to Airport Road, Al Jadah mixed-use property includes rental units such as restaurants, cafes, showrooms, offices, villas, and a five-star hotel, according to a bourse filing on Sunday.

The transaction comprises two phases, with the first phase to be completed against a cash payment through the fund’s available financing to acquire 63.61% of the property.

As for the land's remaining percentage, the second phase will be carried out through the fund’s capital raise via SAR 35 million in-kind units, which will be issued for the property owners.

Meanwhile, the remaining amount will be collected through a public offering, subject to the required approvals as per the regulatory requirements.