Riyadh - Arabian Centres Company (ACC) has reached two agreements with Riyad Capital Co. to launch two closed-end real estate funds worth SAR 6.2 billion.
The funds aim to develop ACC’s Jawharat Riyadh and Jawharat Jeddah projects, with total development costs of SAR 1.8 billion and SAR 1.1 billion, respectively, according to a bourse filing on Wednesday.
The Riyadh-focused fund will continue the development of the Jawharat Riyadh project, spanning over a 623,400 square metre-land plot valued at SAR 2.1 billion as of 31 December 2021.
In the meantime, the second fund will support the Jawharat Jeddah project, located on a 170,700 square metre-land plot valued at SAR 1.2 billion.
The two funds will consider the possibility of a public subscription offering through several options, including a traded real estate investment trust (REIT).
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