Musharaka REIT Fund acquires self-storage warehouse for SAR 47m
- Date: 20-Sep-2020
- Source: Mubasher
- Sector:Financial Markets
- Country:Saudi Arabia
Musharaka REIT Fund acquires self-storage warehouse for SAR 47m
Riyadh – Mubasher: Musharaka Capital, manager of Musharaka REIT Fund, has completed necessary procedures to take over one of the largest self-storage warehouses in the Middles East region for around SAR 47 million. The acquired warehouse is located in Dubai city.
The transaction was financed by sharia-compliant credit facilities, according to a stock exchange filing on Sunday.
Musharaka Capital signed a binding 25-year lease agreement with The Box Self Storage that can be extended for another five years. The yearly rental value is AED 4 million with 10% rental increment every five years.
The acquisition is expected to increase Musharaka REIT's profits and reduce any future volatility in the revenue stream.