Rafal Real Estate Development Company has sold its stake in Burj Rafal Hotel Kempinski Riyadh to Riyad REIT for SAR 749 million, the firm said in a statement.
The real estate developer has also sold its shareholding in Marvela residential compound in Riyadh to Jadwa REIT Saudi Fund for SAR 606 million.
The company plans to invest the sale proceeds in a number of multi-purpose projects in Riyadh.
Riyad REIT in April said that it signed memorandums of understanding (MoUs) to acquire over SAR 1 billion worth of assets including stake in the 349-room Kempinski Riyadh hotel, Argaam previously reported.
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