Addendum Announcement from Osool & Bakheet Investment Company regarding occurrence of a specific event to ALMaather REIT Fund
Tuesday, December 07, 2021 at 4:25 PM
Date of the previous announcement
07-03-1443 AH corresponding to 13-10-2021G
Further to the announcement of Osool and Bakheet Investment Company, the manager of Al-Ma'ather REIT Fund, published on 07-03-1443 AH corresponding to 13-10-2021G regarding the signing of a non-binding memorandum of understanding for the purpose of acquiring Burjeel Hospital building located in the city of Sharjah in the United Arab Emirates. With buildup area of 16,758 sqm, build on land area of 6,033 (six thousand and thirty-three square meters), the tenant of the property is VPS Healthcare (LLC) registered in Abu Dhabi, for a rental period of 20 years.
The fund manager would like to inform the unit holders about the extension of the memorandum expiry date to 23/12/2021, to give additional time to complete the due diligence procedures, and to complete the regulatory procedures in preparation for the signing of a binding purchase agreement that will be announced at a later period.
Impact of the change
The impact of this acquisition will reflect positively on the funds units’ holders and it will add diversity and net positive return as result from the differences between financing costs and rental income.