Search by Popular Categories

  • Consumer

  • Commercial

  • Construction

  • Industrial

  • Oil & Gas


Mulkia REIT acquires Saudi luxury hotel villa property

Jan 11, 2018 4:30 PM

Saudi-based Mulkia Investment Company has acquired one of the kingdom s leading luxury hotel villa property located at Al Hada a city in the Makkah province for SR95 million ( 25.3 million). The Vivienda...

Saudi-based Mulkia Investment Company has acquired one of the kingdom's leading luxury hotel villa property located at Al Hada, a city in the Makkah province, for SR95 million ($25.3 million).
The Vivienda Hotel Villas Al Hada, located on Prince Faisal bin Fahad Road over a 10,000 sq m area, was bought through its real estate investment trust (REIT) fund.

The acquisition will be financed in part through any offering surplus available in the SR18 million fund, said the company in a statement.

While the remaining amount SR77 million will be secured through loans from local banks, it stated.

Mulkia Plaza Development Real Estate Fund, managed by Mulkia Investment Company, owns a 24 per cent stake in the project, which boasts a built up area of 7,200 sq m.

The project lease contract has been signed by Forus Real Estate investment & Development Company for a period of 20 years starting with a lease amount of SR1.1 million for the first five years. The rent will increase by 7 per cent every five years, said the company statement.

Mulkia Gulf Real Estate REIT share in the rent is SR8.3 million per year, it added.-TradeArabia News Service


The Ritz-Carlton, Bahrain appoints new executive team member Oct 23, 2018 10:37 AM

Andrea Colla has joined The Ritz-Carlton Bahrain as the new executive...

Pharmaceutical firms 'need to invest in right talent' Oct 23, 2018 10:21 AM

Global regional and local pharmaceutical firms operating in the...

Bollywood Parks Dubai introduces 11 new shows Oct 23, 2018 09:39 AM

Bollywood Parks Dubai the premier Bollywood theme park at Dubai...

Salamair to boost flights from Dhaka to Muscat Oct 23, 2018 09:32 AM

SalamAir Oman s first budget airline has announced plans to increase...

Bahrain to issue free visit visas for transit passengers Oct 23, 2018 08:50 AM

Bahrain will soon allow transit passengers to enjoy a short stay...

NMC Healthcare upgrades revenue growth estimates Oct 23, 2018 08:31 AM

UAE-based NMC Healthcare has announced an upgrade in projected revenue...