Arab News, Monday, Sep 27, 2021 | Safar 20, 1443
Jadwa Investment eyes luxury Riyadh complex through new $98m REIT fund
Saudi Arabia:
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 “The Boulevard.”
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’s flagship properties, representing 13.4 percent of its assets. It is
expected to generate a net rental income of SR29.6 million annually.
“We 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 Saudi Arabia,”
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’s assets by
16.9 percent to SR2.56 billion.