The real estate investment trust of Riyad Capital, Riyad REIT, has invested SAR 92.5 million ($24.7mln) in a U.S. office building located in Irvine (Orange County), Los Angeles MSA, California, according to a statement to the Saudi Stock Exchange (Tadawul)

THe building has a land area of 32,000 square meters and net leasable area of 61,400 square meters.

The Property is the Broadcom Corporate Campus, a Class A office and R&D mission critical campus located in Irvine (Orange County), California, next to the Irvine Spectrum Center – one of Southern California’s top retail and dining destinations.

The Campus is located in close proximity to many entertainment and activity destinations including Disneyland, Laguna Beach, Newport Beach, Downtown Anaheim, and others. The Irvine Spectrum Area includes major companies such as, Lexus, KPMG, Amazon, UBS, Canon, Philips, and other large corporations, the statement said.

The investment is funded from the Shariah-compliant facilities available to Riyad REIT. It is expected to generate an average annual yield of 8 percent to Riyad REIT over a 5-year investment period, the company said in the statement.

(Writing by Seban Scaria; editing by Daniel Luiz)

seban.scaria@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020