Mubasher: Arkan Al Kuwait Real Estate has purchased a commercial property at a value of KWD 6.16 million in an auction held by Al Enmaa Real Estate.

The real estate asset is located in Khaitan region with an area of 1,000 square metres, according to a statement to Boursa Kuwait on Wednesday.

The expected yield from investing in this property is estimated at around 8.4%, the company added.

Arkan Al Kuwait further noted that the transaction’s financial impact will be realised in its financial statements upon completing all regulatory procedures.

During the first quarter of 2019, Arkan reported a decrease of 5% in its profits to KWD 304,520 from KWD 321,230 in Q1-18.