Albilad Capital, Tatweer launch SAR 1.5 bln real estate fund

Albilad Capital and Tatweer Holding Group have launched Medical Village Fund I with SAR 1.5 billion in capital, the investment firm said in a statement.

The private placement of the closed-ended real estate fund received strong investor turnout and was also oversubscribed ahead of the target closing date.  

The allotment of units and surplus refund will be implemented within a maximum of 15 days, Albilad Capital added.

The Medical Village Fund I, which owns The Walk project that spans on a total area of 250,000 square meters, comprises diversified, specialist real estate assets in a prime location next to Riyadh’s Diplomatic Quarter.

The fund owns 37 mixed-use properties that cater for the demand of the commercial, office, hotel and medical sectors.

The developer, an affiliate of Tatweer, has begun construction works at the project before launching the fund, the statement said, noting that work has progressed significantly on the project.

“The new fund comes as part of Albilad Capital’s strategy, which was adopted in 2018 in line with Saudi Vision 2030 and the National Transformation Program,” Zaid Almufarih, chief executive officer of Albilad Capital, said.