Jadwa Investment, one of the region’s leading investment management and advisory firms, has signed a sale and purchase agreement to acquire The Boulevard Riyadh, a luxury retail and office complex in the north of the Saudi capital, for SR320 million ($93.2 million), on behalf of Jadwa REIT Saudi Fund.
The Boulevard Riyadh on Prince Turki bin Abdulaziz Al Awwal Road in the Hittin district features shopping, dining, offices, luxury hotel apartments, recreation and fitness facilities.
It has a total land size of 18,854 sq m, a built-up area of 36,340 sq m, and a 97% occupancy rate. The acquisition of the property will be financed through a SAR 370 million capital increase of the fund, which will consist of an in-kind contribution from the seller and the issuance of additional cash units.
Jadwa REIT Saudi Fund is a closed-ended Shariah-compliant real estate investment-traded fund listed on the Saudi Stock Exchange (Tadawul).
Its primary investment objective is to provide investors with regular income by investing in income-generating assets across different real estate sectors in Saudi Arabia, excluding Makkah and Madinah.
Managing Director and CEO Tariq Al Sudairy said: "The acquisition of The Boulevard Riyadh and the resulting increase in the total value of the Jadwa REIT Saudi Fund assets further cement our position as the largest manager of listed REITs in the Kingdom and one of the region’s leading real estate investment managers."
"This comes as part of our continued commitment to offer our clients access to an expanding universe of Shariah-compliant investments across asset classes," he added.