RIYADH, Saudi Arabia – A consortium led by Rafal Real Estate Development Co., in partnership with Jarir Alomraniya Company for Real Estate Development and Lafana Holding, has successfully completed the acquisition of the Pavilions Office Complex from Alistithmar Capital for a total transaction value of SAR 360 million.

The strategic buy-back marks a significant milestone for the consortium, returning a flagship commercial asset originally developed by Rafal into its project’s portfolio.

Located along the prime King Khaled Road corridor of Riyadh, the Pavilions Office Complex is recognized for its modern architectural design, offering 40,000 SQM GLA of premium Grade-A office space with full occupancy. The asset benefits from exceptional connectivity and proximity to major business, cultural, and lifestyle destinations, including New Murabba, Boulevard Riyadh City, Diriyah, and Sports Boulevard, enhancing its accessibility, visibility, and long-term value.

Abdulsalam Alagil, Director of Jarir Alomraniya Company for Real Estate Development expressed his confidence in the Riyadh commercial sector stating that “the transaction underscores the Group’s strong liquidity position and shared confidence of the consortium partners in Riyadh’s premium commercial real estate segment.”

“The acquisition of the Pavilions complex is a testament to the enduring quality and long-term value of Rafal’s developments, and a reflection of the strength of our partnership with Jarir Alomraniya Company for Real Estate Development and Lafana Holding,” said Elias Abou Samra, CEO of Rafal. “Together, we identified a rare opportunity to re-acquire a trophy asset with strong fundamentals. This transaction aligns with our collective strategy to expand investment exposure in the Kingdom’s most resilient commercial districts while capitalizing on sustained demand for premium office environments in Riyadh.”

“This transaction demonstrates Lafana Holding’s commitment to investing in high-quality assets that deliver sustainable, long-term value,” said Sultan AlMedbal, CEO of Lafana Holding. “We are pleased to partner with Rafal and Jarir in this strategic acquisition and look forward to leveraging our investment expertise to strengthen the asset’s performance and enhance its long-term growth prospects.”

Khaled AlRayes, CEO of Alistithmar Capital, stated that Alistithmar Capital has held Pavillion in its portfolio for more than six years, and has timed this exit strategically with favorable returns to its investors, and will continue to bring the finest real estate opportunities to our sophisticated investor base. We look forward to working with Rafal, Jarir and Lafana on similar milestone transactions in the near future.”

Jarir Alomraniya Company for Real Estate Development brings extensive expertise in commercial asset management and leasing, while Lafana Holding complements the consortium with deep regional investment capabilities. The partnership is expected to drive active asset management initiatives, including enhanced facility services and potential capital improvements to elevate tenant experience and long-term value.

With Riyadh’s commercial real estate sector experiencing accelerated growth driven by Vision 2030 initiatives and the expansion of private sector activity, the consortium is well-positioned to capture further upside through coordinated asset management of the complex. Financial advisors noted that the SAR 360 million valuation reflects the strong fundamentals of the asset and the deepening maturity of the Saudi capital markets.

About Rafal:

Rafal Real Estate Development Co. is one of the Kingdom’s premier real estate developers, renowned for delivering landmark projects including residential compounds, commercial towers, and mixed-use destinations. With a legacy of innovation and quality, Rafal continues to shape the urban landscape of Saudi Arabia.

About Jarir Alomraniya Company for Real Estate Development:

Jarir Alomraniya Company for Real Estate Development is a leading Saudi commercial real estate firm specializing in the acquisition, development, and management of high-value assets in the office, retail, residential, education and healthcare assets across the Kingdom.

About Lafana Holding:

Lafana Holding is a leading diversified investment company that builds, scales, and partners in businesses across Healthcare, Retail, Industrials, and Real Assets. Through disciplined capital allocation and hands-on execution, Lafana drives sustainable growth aligned with the Kingdom’s long-term economic transformation.

About Alistithmar Capital:

Alistithmar Capital is a fully owned subsidiary of The Saudi Investment Bank and manages assets exceeding SAR 42 billion. The firm provides Sharia-compliant investment solutions in real estate, public / private equities, and fixed income and was ranked 12th on Forbes Middle East’s 2025 list of the Top Asset Managers in the Middle East.