Logo of Riyad REIT Fund
Riyad REIT Fund completed the exit from an investment in a real estate asset in the United States (350 Rhode Island Building, San Francisco, California), with a total return of 57% and an internal rate of return of 27%, fund manager Riyad Capital said in a statement to Tadawul.
As a result of the sale of the real estate asset, Riyad REIT achieved an additional net profit of SAR 0.12 per unit. This will have a positive impact on the first half of 2022 results.
Since 2019, Riyad REIT invested a total of SAR 910 million in a series of international property offerings in the US and Europe.
In December 2019, Riyad REIT invested SAR 350.8 million in a diversified real estate portfolio in the US, consisting of three Class-A real estate assets.
The Rhode Island office building is 98% leased to the city of San Francisco (investment grade) and 2% leased to Starbucks (investment grade), located in San Francisco with a 14-year lease term.
The 11,808 square meters (sqm) property is surrounded by the world’s most recognized technology companies. Additionally, the San Francisco Bay Area is considered among the strongest office markets in the US and has the second highest number of Fortune 500 companies in the country, the statement noted.
Comments
{{DisplayName}}
{{ElapsedTime}}