Jadwa REIT Saudi in $85m deal for Riyadh retail, office complex

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Thu, 2021-03-04 13:13

RIYADH: Jadwa REIT Saudi Fund, a Shariah-compliant real estate investment fund, has signed an agreement to purchase Boulevard Riyadh for SR320 million ($85 million).

Fund manager, Jadwa Investment, announced the deal in a bourse filing on Thursday.

Boulevard Riyadh is a retail and office complex covering 18,854 square meters and with a built-up-area of 36,340 square meters. The development is leased to multiple tenants and has an occupancy rate of 97 percent, with net operating income of approximately SR29.3 million.

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