Riyadh – Mubasher: Jadwa REIT Saudi Fund has consented to an arrangement to buy Boulevard Riyadh, a retail and workplaces mind-boggling, in a SAR 320 million arrangement, Jadwa Investment Company revealed to the Saudi Stock Exchange (Tadawul).
Boulevard Riyadh has a total land size of 18,854.35 square meters and a developed territory of 36,340 square meters. It is rented to multi-inhabitants at a 97% inhabitance rate with a networking pay of about SAR 29.3 million.
The transaction will be funded by raising the total cost of the fund’s benefits, which has been accepted by its Board of Directors to SAR 370 million.
This will be through an in-kind commitment from the dealer of the new resource for a measure of SAR 120 million, notwithstanding the issuance of extra money units in the asset for SAR 250 million, which will fund the acquisition of the new resource, just as its land move expense and securing costs.
This is also set to help the financial position of the fund, the bourse filing showed.
The translation is subject to finishing the technical and legal due to rigorous and also gaining regulatory approvals and the help of the fund’s unitholders.