OMAN: Pearl REIF has signed a sale and purchase agreement with Oman Tourism Development on the 31st December 2024 to acquire a building in Madinat Al Irfan for OMR24 million (US$62.33 million). The property, leased to a government-related entity under a 25-year triple-net lease agreement, will generate an initial annual rent of OMR1.59 million (US$4.12 million), with a 10% rent escalation every five years.
Methaq Bank will provide Shariah compliant financing for a 15-year period, valued at OMR15 million (US$38.96 million). Following this acquisition, Pearl REIF's total investment in real estate properties will rise to OMR118 million (US$306.48 million), representing a 26% increase.
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