NCB Capital Company announces the occurrence of specific event related to AlAhli REIT Fund (1) – The completion of the acquisition of office tower in Jeddah
NCB Capital Company announces the completion of the acquisition and the transfer of title deed of office tower in Jeddah by AlAhli REIT Fund (1). The property, located in Al Salamah District, is an 18-floors building with a leasable area of 29,921 square meters.
The property was bought for SAR 255 million and was financed by the existing bank facility available to the Fund. The property is leased to the seller as principal tenant for a period of 5 years at a net lease of SAR 23,100,000 (equivalent to 9% yield). The financial impact of this transaction is expected to be generally positive on the Fund’s results starting from the second half of 2019.
NCB Capital Company announced on 22/11/1440H corresponding to 25/7/2019 that it has signed a purchase agreement for the acquisition of the aforementioned tower.