SEDCO Capital REIT Fund has completed the acquisition of a property which is currently occupied by Banque Saudi Fransi's Al Andalus branch in Dammam for SAR 27.25 million, Saudi Economic and Development Securities Company (SEDCO Capital), the fund manager, said in a statement to Tadawul on Wednesday.
The property has an annual rent of SAR 1.5 million for a period of 10 years starting November 2015.
The acquisition is consistent with SEDCO Capital's strategy to acquire quality real estate assets and build a well-diversified portfolio to enhance returns to unitholders, the statement added.
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