(MENAFN) Riyad REIT has finished an acquisition agreement of a property in Riyadh for USD36.43mn, which was financed amid a Sharia-compliant bank loan.
In addition, the commercial part of the property has an occupancy rate of 82 percent, producing a rental income of SAR5.8mn per year.
Meanwhile, Boudl Hotel and Resort is projected to operate the property under the brand name Braira Hitten.
On the other hand, operations are projected to commence in the fourth quarter of this year.
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