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Mulkia Investment Announces a specific event in Mulkia Gulf Real Estate REIT.
| Element List | Explanation |
|---|---|
| Description of the Event | Mulkia Investment Company, as a Fund Manager & Operator of Mulkia Gulf Real Estate REIT Fund ("the Fund"), announces signing an acquisition agreement to acquire a new real estate property for the benefit of Mulkia Gulf Real Estate REIT fund (“Aljadah commercial hospitality property”) located in Qurtobah, Riyadh city as per the following details: Property information: A mixed use income generating property located in Qurtobah, Riyadh city on Thumamah road close to Airport Road that includes rental units including restaurants, cafes, showrooms, offices, villas and a five stars hotel. The hotel and the villas are being operated by the international operator “Radisson blu” as per the signed operation agreement for 15 years, with a total build up area of 33,000 SQM and a land area of 21,671 SQM. Property Expected annual Income at 100% occupancy of the commercial units and the usual rate of hotels occupancy is expected to be 26,300,000 Saudi Riyals, knowing that the property has started its operation recently. The current occupancy rate for the commercial units & offices is 60% and hotel has started the soft opening in June 2021. Property Acquisition price: 335,000,000 Saudi Riyals not including the tax and the brokerage commission fees, the acquisition process will take place into two phases, phase one will be against a cash payment through the fund’s available financing to acquire a percentage of 63.61% of the property, and the second phase of acquisition of the remaining percentage of the property will be through fund’s capital increase through in-kind units with an amount of 35,000,000 Saudi Riyals will be issued for the property owners and the remaining amount will collected through public offering after obtaining the required approvals as per the regulatory requirements. |
| The Impact Caused by the Event | The fund manager expects a positive effect of the acquisition as this will lead to increase of funds’ activities diversification as well as the geographic allocation especially increasing the weight of the funds’ properties in Riyadh, and the property’s close location to the airport, Roshan Project, SAR train station, universities, and a number of other major attraction hubs. Also, there is expected positive effect on fund’s revenues |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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