Al Maather Reit Fund entered into a memorandum of understanding to acquire Burjeel Hospital building in Sharjah from Al Yousuf LLC for AED 100 million.

Al Maather Reit Fund (SASE:4334) entered into a memorandum of understanding to acquire Burjeel Hospital building in Sharjah from Al Yousuf LLC for AED 100 million on October 13, 2021. Al Maather Reit Fund (SASE:4334) signed binding purchase agreement to acquire Burjeel Hospital building in Sharjah from Al Yousuf LLC for AED 100 million on December 20, 2021. The Consideration is financed by the previous Banking facilities in the Fund.

The memorandum expires on Dember 4, 2021, provided that due diligence procedures are completed during this period and the legal procedures are completed in preparation for the signing of a binding purchase agreement that will be announced at a later period.