Logo of Mulkia Gulf Real Estate REIT Fund
Mulkia Investment Co., the fund manager and operator of Mulkia Gulf Real Estate REIT Fund, announced that unitholders approved, on Feb. 26, increasing the fund's total assets through issuing additional units (in-kind and cash).
The fund's capital increase will range between SAR 250 million maximum and SAR 114.86 million minimum, Mulkia Investment said in a statement to Tadawul.
The capital hike is aimed to complete the acquisition of the Al Jadah mixed-use complex. This is besides partially repaying the fund’s outstanding financing amount, the statement added.
Unitholders also nodded to the supplementary annex to the fund's terms and conditions, which was prepared mainly to reflect the increase in the fund's total assets. They also approved increasing the upper limit for the fund-chartered accountant’s annual fees to SAR 60,000.
Mulkia Investment announced signing an agreement, in January 2022, to acquire Al Jadah mixed-use development in Riyadh. The property was acquired for SAR 335 million, excluding tax and brokerage commission fees, according to data available with Argaam.
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Acquisition Details |
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Property |
Al Jadah mixed-use complex |
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Location |
Qortoba district, Riyadh |
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Description |
Rental units including restaurants, cafes, showrooms, offices, villas and a 5-star hotel |
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Operator |
Radisson Blu |
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Building area |
33,000 sqm |
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Land area |
21,670 sqm |
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Expected annual rental income |
SAR 26.3 mln |
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Acquisition value |
SAR 335 mln |
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