Saudi Real Estate Co sells Riyadh lands for $36.6mln

The company sold the land to Al Dar Investment Fund 2, represented by Al-Ensha Second Real Estate Co and two other parties

  
Downtown Riyadh Saudi Arabia. Image used for illustrative purpose.

Downtown Riyadh Saudi Arabia. Image used for illustrative purpose.

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Saudi Real Estate Co (ALAKARIA) has sold residential and commercial lands in Riyadh for a transaction value of SAR 137.3 million ($36.6 million).

In a statement to the Saudi Stock Exchange (Tadawul), the company said it had sold the lands, in Al Malqa district, Riyadh, to Al Dar Investment Fund 2, represented by Al-Ensha Second Real Estate Co, as well as First Avenue for Real Estate Co and Al Rabei Jaddah Real Estate Co.

The expected profit is SAR 121.9 million, which will be used to support existing and future projects based on the company’s new investment strategy, according to the statement.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

imogen.lillywhite@lseg.com

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