Mulkia Investment says Aljawhara Real Estate Fund exits assets worth SAR 2.65 bln

Logo of Mulkia Investment Co.

Mulkia Investment Co.’s managed fund, Aljawhara Real Estate Fund, completed exiting an asset by selling raw land in Riyadh, spanning an area of 932,000 square meters (sqm). The asset was sold to another real estate fund at a total value of over SAR 2.65 billion, or SAR 2,850 per metre.

In a statement, the fund manager explained that the exit process achieved a gross return of 68% on the value of the land since the fund was transferred to Mulkia Investment.

Aljawhara Real Estate Fund was transferred to Mulkia Investment at the beginning of 2020, as the company worked to remove all obstacles to achieve the fund objectives and unitholders’ benefit. This was backed by great support from the Capital Market Authority (CMA), the fund's board of directors, work team as well as all parties that contributed to achieving this exit for the fund’s investors, the statement added.

The sold land is located in Riyadh and is bordered by Prince Turki bin Abdulaziz I Road and Al-Orouba Road, near various vital sites such as King Khalid and King Abdullah Roads, King Saud University, the Diplomatic Quarter and a number of vital attractions.

The land is expected to represent a qualitative addition to real estate development in its area and at the level of Riyadh as a whole.