Saudi Arabia’s Rafal Real Estate Development announced on Thursday that it has completed its 360 million Saudi riyals ($96 million) buy-back of Pavilions Office Complex in Addereyah district, north west of Riyadh city from Alistithmar Capital.

The buy-back transaction was completed in partnership with Jarir Alomraniya Company for Real Estate Development and Lafana Holding, the company said in a press statement on Thursday.

Located along the King Khaled Road corridor of Riyadh, Pavilions Office Complex offers 40,000 sqm GLA of premium Grade-A office space and currently enjoys full occupancy.

Alistithmar Capital had acquired Pavilions Office Complex from Rafal six years ago.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com) 

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