https://arab.news/c3rvt
- The Riyadh development consists of high-end office spaces, as well as a retail space with a hotel and a gym.
- The offering is expected to raise equity of SR370 million ($98.6 million)
DUBAI: Advisory firm Jadwa Investment has launched the second offering of its real estate investment trust (REIT) Saudi fund to acquire a luxury retail and office complex in Riyadh.
The offering is expected to raise equity of SR370 million ($98.6 million), which will be used to purchase 鈥淭he Boulevard.鈥�
The Riyadh development consists of high-end office spaces, as well as a retail space with a hotel and a gym.
Once acquired, the complex will become one of the fund鈥檚 flagship properties, representing 13.4 percent of its assets. It is expected to generate a net rental income of SR29.6 million annually.
鈥淲e are pleased to offer our existing and potential clients the opportunity to invest in Jadwa REIT Saudi at an attractive price and to gain exposure to prime real estate assets across 抖阴短视频,鈥� Tariq Al-Sudairy, chief executive officer and managing director of Jadwa Investment, said.
The Jadwa REIT Saudi Fund is a closed-end, Shariah-compliant fund with a term of 99 years and total gross assets value of SR2.19 billion.
The acquisition will push the fund鈥檚 assets by 16.9 percent to SR2.56 billion.