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Riyad REIT Fund — Capital/Financing Update 2019
Apr 17, 2019
53442_rns_2019-04-17_49039799-d7f0-4433-9ed0-a32567dd0e0f.html
Capital/Financing Update
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Riyad Capital Announces Material Development Relating to Riyad REIT (acquiring a stake in a trophy office property located in Washington D.C.)
4330 · 17/04/2019 08:05:39 · Announcement #54397 · View on Saudi Exchange
Riyad Capital Announces Material Development Relating to Riyad REIT (acquiring a stake in a trophy office property located in Washington D.C.)
4330
RIYAD REIT
-2.71 %
1440/08/12 17/04/2019 08:05:39
| Element List | Explanation |
|---|---|
| Announcement Detail | Riyad Capital announces that Riyad REIT has acquired a 40% stake in the leasehold interest (99-year ground lease) of a trophy office building on land area of 2,761 square meters and net leasable area of 31,448 square meter located in Washington, D.C., United States of America. The investment totals Saudi Riyal 102 million. |
The Property, which is known as The Presidential Building, is located on Washington, DC’s most primary corridor – Pennsylvania Avenue between the U.S. Capitol and the White House. The Presidential Building is located within very close proximity to a host of landmarks and government buildings including: The Federal Trade Commission, US Department of Commerce, and others.
The Property is 100% occupied and predominantly leased for 13 years (with annual escalation) to one of the largest international law firms.
The investment is expected to generate a net yield of 8%+ to Riyad REIT unitholders. The yield is net of all expenses, fees, and projected taxes.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.