Riyad REIT announces the signing of the sale and purchase agreement with the Higher Education Fund for the acquisition of a property.
Riyad REIT announces that on 12/10/2017 the fund signed a sale and purchase agreement with the Higher Education Fund to acquire the building of Saudi Electronic University located in Ar Rabi district at the intersection of Abi Bakr As Siddiq Road and Prince Saud Bin Mohammed Bin Muqrin Road in the north of Riyadh. The property totals 17,000 sqm of net leasable area and is situated on a 14,000 sqm land plot. The property is fully leased by the Ministry of Education for Saudi Electronic University with yearly net income of 12 million Saudi Riyals which will start immediately from transferring ownership. The fund will acquire the property for 137.65 million Saudi Riyals and will be financed through the fund capital increase announced on 22/5/2017.
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