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Saudi Arabian investment bank Riyad Capital has divested one of its assets in the United States for more than $200 million.
The three-building office complex in the Washington DC Metro area, known as Sequoia Plaza, has been sold to Boyd Watterson Asset Management, a US-based asset manager, a statement said.
The transaction marks Riyad Capital’s first exit from its international real estate platform.
Since 2018, Riyad Capital has acquired nearly 9 billion riyals ($2.39 billion) worth of properties in cities in the US and Europe.
The company acquired Sequoia Plaza in 2019. With the investment, the firm had distributed approximately 21 percent dividends to investors on a quarterly basis. The investment also generated capital appreciation of close to 50 percent.
Riyad Capital provides investment products and solutions, including financial planning, assets management and corporate investment banking.
(Writing by Cleofe Maceda; editing by Seban Scaria )
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