November 30, 2017 / 6:51 AM / 18 days ago

BRIEF-Mulkia REIT Signs Deal to Buy Stake in Vivienda Hotel Villas Al Hada‍​

Nov 30 (Reuters) - MULKIA GULF REAL ESTATE REIT FUND IPO-MGRF.SE:

* SIGNS AGREEMENT TO ACQUIRE A 76 PERCENT STAKE IN VIVIENDA HOTEL VILLAS AL HADA AGAINST 95 MILLION RIYALS PAID TO OWNERS OF PROJECT ‍​

* ACQUISITION WILL BE FINANCED IN PART THROUGH ANY OFFERING SURPLUS AVAILABLE IN FUND OF 18 MILLION RIYALS

* FUND MANAGER INTENDS TO FUND REST OF ACQUISITION VALUE OF 77 MILLION RIYALS BY BORROWING FROM LOCAL BANKS

* AIMS TO COMPLETE THE ACQUISITION DEAL WITHIN TWO MONTHS FROM THE DATE OF SIGNING THE AGREEMENT

* PROJECT LEASE CONTRACT SIGNED BY FORUS REAL ESTATE INVESTMENT & DEVELOPMENT FOR 20 YRS STARTS WITH LEASE 10.9 MILLION RIYALS FOR FIRST 5 YRS Source text for Eikon: Further company coverage:

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