Musharaka Capital announces further material information on Musharaka REIT
25 April 2022
With reference to Musharaka Capital’s announcement (the fund manager of Musharaka REIT) on (10/08/1443 H.) corresponding to (13/03/2022 G.), the company is pleased to announce that it has completed the legal and regulatory procedures concerning the acquisition of “Verdun Tower” which is located in Riyadh, King Fahad Road intersection with Prince Mohammed Bn Abd Al Aziz Road (formerly Tahliya district). The acquisition was made for SAR 235,000,000 financed totally by Sharia-compliant credit facility and title-deed has been successfully transferred to Musharaka REIT.
The fund manager believes that the transaction would have positive impact on Musharaka REIT’s results. It will help enhance the fund’s income and reduce any future volatility in the revenue stream.