Musharaka REIT completes acquisition of Verdun Tower, expects positive impact

Logo of Musharaka REIT Fund

Musharaka REIT Fund completed the regulatory procedures concerning the acquisition of Verdun Tower that is located on King Fahad Road intersection with Prince Mohammed Bin Abdulaziz Road, Riyadh, Musharaka Capital, the fund manager, said in a bourse statement.

The acquisition was made for SAR 235 million, financed totally through a Sharia-compliant credit facility.

The title deed was successfully transferred to Musharaka REIT, the statement added.

The deal would have a positive impact on Musharaka REIT’s results, as it will help enhance the fund’s income and reduce any future volatility in the revenue stream, the fund manager said.

In March, Musharaka REIT signed a binding agreement to acquire Verdun Tower in Riyadh for SAR 235 million, excluding the real estate transactions tax and brokerage commission, Argaam earlier reported.

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