Riyad REIT Fund — Capital/Financing Update 2017

Jul 13, 2017

Riyad REIT announces a property acquisition in Riyadh

4330 · 13/07/2017 09:06:13 · Announcement #47515 · View on Saudi Exchange

Riyad REIT announces a property acquisition in Riyadh

4330

RIYAD REIT

-2.71 %

1438/10/19     13/07/2017 09:06:13

Riyad REIT Announces the completion of a property acquisition in Riyadh on 11/07/2017. Details are as follows:

-The property (The Residence) is located in Hiteen district in Riyadh on a land size of 15 thousands square meters. The property includes two components: a luxury villa hotel which is comprised of a gym, women spa, and a high-end restaurant. The second component is commercial uses comprised of executive offices, and food & beverage outlets.

-The property was acquired at 136.62 million Saudi Riyals and was financed through Shariah-compliant bank debt.

-The Residence is newly developed and is currently under the leasing phase. As of this date the property is 82% occupied and generates a current rent of 5.8 million Saudi Riyal which retrospectively started in Q2 2017. On the hospitality component the property expects to be operated by Boudl Hotel and Resort company under the Braira Hitten brand name. Operations of the hotel component is expected to commence in Q4 2017.

-The Property was purchased from non-related parties over a period of time, and without any conditions.

This acquisition is a continuation of Riyad REIT strategy to expand and diversify its real estate portfolio through the acquisition of high quality properties located in strategic locations, with long term leases by credit-worthy tenants.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.