Saudi Arabia’s Al Rajhi Capital and Bahrain-based investment management firm Arcapita have sold real estate assets worth $359 million, signaling an exit from the jointly sponsored ARC Real Estate Income Fund.

 

In a joint statement, Al Rajhi Capital’s chief executive said it was the “right time to exit the fund” in order to deliver maximum profits to its investors. The fund delivered an average annualized yield of 7.2 percent over the last two years and achieved 18 percent growth in net asset value during the last term, he added.

 

The fund had acquired seven assets in logistics, warehousing and retail sectors in Saudi Arabia and the UAE since its launch in 2010.

 

The buyer was not named in the statement.

 

Rajhi Capital is the investment banking subsidiary of the Saudi-listed Al Rajhi Bank.

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