SEDCO Capital REIT acquires Al Basateen’s Palm View for SAR 650 million

The signing of the agreement

In one of the largest real estate transactions in the Saudi capital during the first half of 2025, SEDCO Capital REIT announced the acquisition of the Palm View office project from Al Basateen Company, located in the Al Basateen district, Diriyah, for a total value of SAR 650 million. The acquisition comes as part of the fund’s strategy to diversify its real estate assets and boost its investment returns in the real estate sector. With its prime location amidst a group of Riyadh’s flagship projects such as New Murabba, Diriyah Gate, and The Sports Boulevard, the Palm View project offers more than 20,000 square meters of leasable space, with views overlooking a palm oasis in Diriyah.
 

Commenting on the deal, Al Basateen’s CEO Abdulaziz Al-Shegry, said: “This move is a major contributor to supporting the business sector in Riyadh by providing attractive investment-grade real estate assets that help build a modern and flexible work environment tailored to the needs of leading institutions and companies in the Kingdom.”
 

On his part, SEDCO Capital REIT’s CEO Abdulwahhab Abed, affirmed: “This acquisition reflects our confidence in the fund’s business activities, and its ability to execute high-quality deals in line with its growth and expansion strategy alongside long-term leasing.”

The Palm View project is a model for high-quality real estate development, which is based on market need, innovation, and architectural design. It is part of Al Basateen’s portfolio of projects with total assets of over SAR 4 billion.