Al-Ma’ather REIT completes purchase of Burjeel Hospital building in Sharjah

Osool and Bakheet Investment Company announced on Sunday 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 03/02/2022.

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