Riyadh Development Company (ARDCO) has signed a 25-year framework agreement with Mohammed bin Salman Foundation (Misk) to develop multiple educational facilities under build-to-suit long-term contracts.
The first development will be a 275-million Saudi riyal ($73.31 million) educational complex on plots owned by a consortium led by ARDCO in Tilal Al Riyadh community in Al Malqa, northern Riyadh, the company said in a statement published on the Saudi stock exchange on Tuesday.
The first project will offer an 8 percent net annual yield to investors.
ARDCO will act as the main investor and developer in building the educational facilities, the statement said.
The company’s share and financial impact will vary in each project, subject to the investment structure.
(Writing by D Madhura; Editing by Anoop Menon)
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