Muscat – Oman Real Estate Investment Trust (Oman REIT) Fund has acquired a portfolio of seven warehouses in the Rusayl Industrial Area for a total amount of RO5.93mn.

‘As we continue to implement our business plan, we are pleased to announce the acquisition of a new portfolio of seven warehouses located in the Rusayl Industrial Area for a total consideration of RO5,931,636,’ Oman REIT said in a disclosure to the Muscat Stock Exchange.

The acquisition price includes a cash payment of RO4,152,145, funded through Oman REIT’s existing credit facilities with Muzn Islamic, the Islamic banking arm of the National Bank of Oman. The remaining RO1,779,491 will be paid to the seller via a private placement of units in Oman REIT at 100bz per unit, to be issued following an upcoming extraordinary general meeting, which will be announced shortly.

Oman REIT noted that the newly acquired warehouse assets are multi-tenanted by renowned commercial tenants in the local market, boasting an unexpired lease term of over four years. This new portfolio aligns with the fund’s strategy of stabilising future returns, increasing overall portfolio value, and diversifying the asset composition.

‘At Oman REIT, we remain committed to maximising returns and delivering long-term value to our investors. This new acquisition represents a significant milestone in our journey as we continue to expand and diversify our portfolio in line with our business plan and enhance Oman REIT’s risk-adjusted returns,’ the disclosure added.

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