Seera decides to sell Kayanat project, expects SAR 590M in exit proceeds

Seera anticipates exit proceeds of about SAR 590 million from this sale

Seera Group Holding announced the approval of the sale of the Kayanat Central business park by the board of directors of Kayanat Fund — a private real estate fund managed by Alistithmar Capital and created to develop the project, in which Seera is an investor.

The sale is set to proceed once all conditions are met, with the project’s net book value set at SAR 587.1 million, Seera said in a Tadawul filing today, Nov. 19.

The Saudi-listed developer is expected to generate exit proceeds of approximately SAR 590 million from this transaction.

In line with its capital allocation strategy, which aims to maximize shareholder equity and includes a share buyback program, part or all of the exit proceeds are planned to support a new buyback program, following the completion of the previous program and subject to obtaining the required approvals, including the company’s general assembly.

The transaction aligns with Seera’s strategy announced in November 2023, targeting sustainable, long-term shareholder returns through value-unlocking initiatives, new strategic investments, and increased free cash flow per share, with the group’s investment in Kayanat Fund making up part of this broader strategic framework.