Riyadh – Riyad Capital has announced that the real estate investment trust (Riyad REIT) has invested SAR 350.8 million ($93.55 million) in a US property portfolio consisting of three “Class A” office buildings under long-term leases.
The deal allows Riyad REIT to benefit from stable, yielding, Class A office assets, diversified among top US cities, namely: San Francisco, California, Dallas, Texas; and Washington D.C, according to a statement to the Saudi Stock Exchange (Tadawul).
The investment is expected to generate an annual net yield of 10% to Riyad REIT unitholders, after expenses, fees, and projected taxes.
Based on the portfolio’s projections, Riyad REIT is expected to generate an incremental profit of SAR 0.12 per unit annually net of financing costs.
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