Arriyadh Development Co. (ADCO) has received SAR 401 million on selling a 35 percent stake in its land in Riyadh, the developer said in a statement to the Saudi bourse Tadawul.
In March, ADCO subscribed to Riyadh Real Estate Development Fund I, which is established and managed by Alinma Investment, having a share in-kind equal to 50 percent of its land in Riyadh, Argaam earlier reported.
The company said its 35 percent share of the land will be bought by the fund for a certified SAR 401 million bank check. The fund will buy the land for SAR 382 per square meter.