News

NCB Capital Company Announces a Material Development to AlAhli REIT Fund 1

1
Published: 22 Oct 2019

NCB Capital Company announces the signing of a purchase agreement on 23 Safar 1441 AH corresponding to 22 October 2019 G for AlAhli REIT Fund (1) to acquire a commercial office complex in Riyadh for an amount of SAR 250 million for leasing purposes. The time period to complete the process of transferring the title deed is before the end of the year 2019.

The complex will be leased with an annual yield of 8.6% for a period of 3 years, renewable thereafter.

This transaction will be financed through bank facility available to the Fund according to the announcement made on 29 Safar 1440 AH corresponding 07 November 2018 G.

The financial impact of this transaction is expected to be generally positive on the Fund’s results starting from the first quarter of the financial year 2020.