Announcement by OSOOL & BAKHEET Investment Company Regarding a Material Development of AL Maather REIT Fund

Sunday, February 06, 2022 at 9:30 AM

Description Of The Event  

Osool and Bakheet Investment Company announces that Al-Ma'ather REIT Fund has successfully completed the purchase of the property of the Burjeel Hospital building, located in Sharjah city in the United Arab Emirates, on Thursday 02/07/1443 AH corresponding to 03/02/2022 AD.

The purchased amount is 100,000,000 (one hundred million UAE dirhams) and 5,000,000 (five million UAE dirhams)  value-added tax. The property is leased to VPS Healthcare (LLC), which is the operator company of Burjeel Hospital chain in the United Arab Emirates. In addition, The tenant has a good reputation and extensive experience in health care field. The annual rent is 8,000,000 (eight million UAE dirhams), with a gradual increase in value of 500,000 (five hundred thousand dirhams) every five years and for a rental period of 20 years, with an average return of 8.75% during the remaining period of the contract


The Fund Manager further clarifies that there are no transactions with related parties or transactions involving conflicts of interest in this transaction

The Resulted Impact From The Occurrence Of The Event               

The impact of this acquisition will reflect positively by increasing the fund’s revenue after deducting the fees, and expanding weighted average lease expiry.