| Element List | Explanation |
|---|---|
| Announcement Detail | Riyad Capital Announces the completion of a property acquisition in Riyadh by RIYAD REIT on 19/03/2019. Details are as follows: |
-Office tower located in AlSahafa district on Olaya street in Riyadh on a land size of 2,555 square meters.
-The property was acquired at 65 million Saudi Riyals and was financed through Shariah-compliant bank debt.
-The property is newly developed and is fully leased to a non-related party (Thiqah Business Services) for 6,500,000 Saudi Riyals. The acquisition carries an initial acquisition yield of 10%.
-The property was leased on 17/09/2018 for 5 years lease term ending on 16/09/2023.
-The Property was purchased from non-related party, and without any conditions.
This acquisition is a continuation of Riyad REIT strategy to expand and diversify its real estate portfolio through the acquisition of high quality properties located in strategic locations, with long term leases by credit-worthy tenants
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.