NCB Capital announces a significant development relating to AlAhli REIT Fund (1)
NCB Capital announces that on 22/11/1440H corresponding to 25/07/2019G it concluded purchase agreement for AlAhli REIT Fund (1) to acquire office tower in Jeddah for SAR 255 million. The time period set to complete the process for transferring the title deed is 30 days from the date of signing the purchase agreement.
The office tower will be leased to the seller as principal tenant with an annual gross yield of 9% for a period of 5 years starting from the date of transferring the title deed to the Fund.
This transaction will be financed through bank facilities available to the Fund as per the announcement made on 29/02/1440 H corresponding 07/11/2018 G .
It is expected that the financial impact of this transaction will be generally positive on the financial results of the Fund starting from the second half of 2019.