Al-Ma’athar REIT signs memorandum to acquire Burjeel hospital for 100 million dirhams

Osoul and Bakheet Investment Company, the manager of Al-Ma’athar REIT Fund, have signed a non-binding memorandum of understanding for the acquisition of the Burjeel hospital building in the city of Sharjah in the United Arab Emirates.

L’area construction of the property is 16,758 square meters, built on a plot of 6,033 square meters, the tenant of the property is VPS Healthcare (LLC) registered in Abu Dhabi, the annual rent value is 8 million dirhams, an increase It is 500 every five years and for a lease period of 20 years.

The memorandum expires on 04/12/2021 AD, provided that during tale the due diligence procedures are completed and the legal procedures preparatory to the signing of a binding purchase contract to be announced are completed in a second time.

The purchase value is 100 million dirhams, and the purchase costs will be fully financed by the bank lines available at the fund.

The company said this investment will reflect positively on the owners of the shares after completion of the purchase transaction, as it will add to the diversification of the fund’s asset mix, as well as geographic diversification, as well as achieving a positive return through the owners of the shares. shares that benefit from the difference between the rental yield achieved on the property, the cost of financing and the fund’s expenses.

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