Addendum announcement from Musharaka Financial Company regarding a fundamental development in Musharaka REIT Fund
20 September 2020
Further to the announcement by Musharaka Financial Company (the manager of the Musharaka REIT Fund) published on 10/08/1443H (corresponding to 13/03/2022G), Musharaka Financial Company is pleased to announce the completion of all regulatory procedures related to the acquisition of the Verdun Tower, located in Riyadh at the intersection of King Fahd Road and Prince Mohammed bin Abdulaziz Road (formerly Al-Tahlia).
The ownership transfer of the property to the fund has been successfully completed, with a total acquisition value of SAR 235,000,000. The acquisition was fully financed through the fund’s available Shariah-compliant banking facilities.
The fund manager would like to clarify that this acquisition is expected to have a positive financial impact by increasing the fund’s profits and reducing the risk of declining net profit margins or potential revenue decreases in the future.