SEDCO Capital REIT acquires Al Khobar property for SAR 345 mln

SEDCO Capital REIT Fund has completed the purchase of Ajdan Walk property in Al Khobar for SAR 345 million, the fund manager SEDCO Capital said in a bourse statement.

The transaction is expected to reflect positively on the REIT’s dividend payment, the statement added.

80 percent of the sale value or SAR 276 million was paid, while the remaining 20 percent or SAR 69 million will be paid upon finalizing the agreed-upon terms.

The tenant, Al Oula Real Estate Development Co., has already paid an annual rent value of SAR 25 million.

The built-up area (BUA) hits around 322,100 square meters, spanning a land plot of 16,9700 square meters.

The ten-year rent term started as of Jan. 1, 2019.