Riyad REIT sells property in Texas for SAR 54M

Logo of Riyad REIT Fund

Riyad Capital, the manager of Riyad REIT Fund, announced the completion of the sale of a property within one of the fund’s international investments, Riyad Global Real Estate 4, for a value of SAR 54 million.

The company said in a statement on Tadawul that the property is located in Plano, Texas, United States, and is an A-class office building fully leased to FedEx, one of the world’s largest express transportation and logistics companies.

The fund invested in the property in 2020 at a value of SAR 45 million, noting that net sale proceeds amounted to SAR 54 million.

It added that, in addition to the sale proceeds, the fund distributed approximately SAR 13 million in dividends from the property during the holding period, representing 29% of the investment value. This brings total cash inflows from the investment to SAR 67 million and the overall return on investment (ROI) to 48%.

The manager stated that the sale will provide liquidity to the fund, which it plans to deploy across several areas to strengthen its financial position, including improving the quality of existing assets and repaying fund obligations, with the aim of enhancing future cash flow quality.