Thimar issues clarification on SAR 6M investment in real estate fund

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. (Thimar) issued a clarification today, Nov. 22, regarding its SAR 6 million investment in a real estate fund. 

Thimar said that it started investment in the Business Square Development Fund on Nov. 19, noting that Osool & Bakheet Investment Co. is the fund manager and Aseel Capital is the unit distributor, according to a statement to Tadawul. 

The company added that the fund operates with SAR 120 million in capital and that Four Directions International Trading Co. is its real estate developer. 

The fund's duration is 48 months, with an additional 24-month extension option, and an expected investment return of approximately 68%, the statement added. 

The fund aims to develop an office housing project over a land plot spanning 26,374 square meters in Riyadh, Al-Nakhil neighborhood, Al-Khwarizmi Avenue, leased for a period of 32 years until 2054. 

The investment is consistent with the previously announced financial regulation plan for investing in real estate projects with lucrative returns, the company said, adding that any relevant developments will be announced in due course.

On Nov. 19, Thimar announced an investment of SAR 6 million in a Capital Market Authority (CMA)-licensed real estate fund to develop Business Square, a modern administrative office complex at King Saud University, Riyadh, Argaam earlier reported.