Jadwa REIT Saudi signs SPA for SAR 120 mln office complex in Riyadh

08/11/2023 Argaam

Jadwa REIT Saudi signs SPA for SAR 120 mln office complex in Riyadh

Logo of Jadwa Saudi REIT Fund

 Jadwa Saudi REIT Fund signed today, Nov. 8, a sale and purchase agreement (SPA) for an office complex at a total value of SAR 120 million, exclusive of real estate transaction tax. 

 

The acquisition will be financed by available bank facilities, fund manager, Jadwa Investment, said in a statement to Tadawul.  

 

The Lafif complex, located in Hittin district, northern Riyadh, is an office complex with 6,000 square meters (sqm) of land area and 19,000 sqm of built-up area, including two floors of underground parking, the fund manager stated. 

 

The newly developed property, which is 60% leased, is expected to generate SAR 7 million revenues, it added, indicating an expected positive financial impact on the fund's results in the first half of 2024. 

 

Jadwa Investment also pointed out that the agreement is subject to legal and technical due diligence, with no related parties involved. 

 

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