Rafal sells stake in Kempinski Riyadh, Marvela for SAR 1.3 mln

09/09/2018 Argaam

 

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.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read