Sharek Capital announced the completion of the acquisition of the REIT Participation Fund, one of the largest warehouses in the Middle East for self-storage.
According to Arabiya Net, the warehouse is located in the Emirate of Dubai, United Arab Emirates, and the transfer of property ownership has been completed in favor of the fund.
and the value of the acquisition amounted to approximately 47 million (47,000,000) Saudi riyals, which were withdrawn from the bank facilities available to the fund that are in compliance with the provisions of Islamic Sharia.
and a long-term lease agreement was signed with the Fund Company for Self Storage Services Ltd., known under the brand name The Box Self Storage, which starts on October 01, 2020 and ends on 30 September 2045 AD (25 binding years, extendable an additional five years) and the period is binding by virtue of bank checks received in advance from the lessee.
The annual rental value of the property is four million (4,000,000) AED with an increase in the rental value every five years by 10%.
and Musharaka Capital stated that the acquisition deal was completed after it was assigned to the office of Hussein Lootah and his associates, lawyers and legal advisors, and after its cooperation with a group of international real estate companies and accounting companies to reach To the most accurate information and details about the property and the tenant and to ensure the integrity of all submitted documents.
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