Bunyan REIT has acquired a real estate asset in Riyadh with a value of 75 million riyals.
According to Arabiya Net, the Saudi Fransi Capital Company, in its capacity as the fund manager, announced that the real estate asset is an income-generating office building located in the Al-Ghadir neighborhood on Al-Sail Al-Kabeer Road, with an area of The land is 4,360 square meters and the building area is 13,261 square metres.
It added that the acquisition was financed through Sharia-compliant banking facilities.
It clarified that according to the lease contract, the real estate asset is leased to Al Khaleej Training and Education Company with a net lease contract for 20 years starting on June 16, 2015, with 13.5 years remaining.
The Fund will bear the pursuit fee in connection with the acquisition.
The fund manager expected that the financial impact of this transaction would be positive on the fund's results.
