Logo of Riyad REIT Fund
Riyad REIT Fund completed exit from a real estate asset in the US - Two Washingtonian Building in Washington D.C., Metro area - for a total return (ROI) of 51% and an internal rate of return (IRR) of 24.4%, Riyad Capital, the fund manager, said in a bourse statement.
The returns included nearly 9.9% of annual cash dividends starting from the inception of the investment on Dec. 8, 2019, in addition to capital gains of about 36%.
Riyad REIT achieved an additional net profit of SAR 0.11 per unit.
In December 2019, the fund invested SAR 350.8 million in a diversified real estate portfolio in the US, which consisted of three Class-A real estate assets. Investment in the Two Washingtonian amounts to SAR 52.51 million.
Two Washingtonian is 100% leased to Leidos Holding (an investment grade Fortune 500 company that is deemed as one of the largest government contractors) under a 13-year lease.
The 27,300 square meter- asset is located in the Washington metropolitan area within the Biotechnology Cluster - one of the best biotechnology clusters in the US.
Riyad REIT has invested a total of SAR 675 million in a series of international property offerings in the US and Europe.
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