Riyadh – Mubasher: Riyad REIT has acquired an office building worth SAR 184.43 million in Riyadh on 24 August 2021, according to a bourse filing on Tuesday.
The fund’s manager Riyad Capital said the property is located in Al Raed district on King Abdullah Road in Saudi Arabia’s capital, with a built-up area of 26,520 square metres.
The initial acquisition yield will stand at 8% for the asset that was financed through a Sharia-compliant bank loan.
The acquisition transaction reflected Riyad Capital’s strategy to continue expanding and diversifying the REIT’s real estate portfolio, both locally and internationally.
The financial impact of this deal is expected to be positive on the fund's results, reflecting by the end of the second half (H2) of 2021.
