AYYAN signs deal to launch SAR 500M real estate fund

08:56 AM (Mecca time) Argaam
AYYAN says the fund will invest in income-generating real estate assets

AYYAN says the fund will invest in income-generating real estate assets

AYYAN Investment Co. said it signed a terms and conditions agreement with Al Rajhi Capital to establish a closed-ended real estate fund with a target size of about SAR 500 million, according to a statement to Tadawul.

 

The fund will invest in income-generating real estate assets, focusing on developing a mixed-use project in Riyadh’s Al Janadriyah district.

 

AYYAN said the fund will acquire land and carry out superstructure works for a project comprising commercial and residential units.

 

In February, AYYAN signed a non-binding memorandum of understanding with Al Rajhi Capital and Sumou Holding Co. to establish a private real estate fund to develop a mixed-use project in Riyadh’s Al Janadriyah district, Argaam data showed.

 

The project was announced to span 83,446 square meters, with AYYAN contributing its land holdings as an in-kind investment.

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