Riyad REIT Fund invested SAR 92.5 million in an office building located in Irvine (Orange County), Los Angeles, California, United States of America, fund manager Riyad Capital said in a bourse statement.
The property includes 2,400 parking spaces, spanning across a land area of 32,000 square meters (sqm) and net leasable area of 61,400 sqm.
The building is the Broadcom Corporate Campus, a Class A office and research & development (R&D) mission critical campus, located next to the Irvine Spectrum Center – one of Southern California’s top retail and dining destinations.
The investment is funded from the Shariah-compliant facilities available to Riyad REIT. The fund manager expects the investment to generate an average annual return of 8% to Riyad REIT over a five-year investment period.
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 property is leased to Broadcom Corporation (a wholly owned subsidiary of Broadcom, Inc.) on a long-term lease of 17 years.
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