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Riyadh – SEDCO Capital Reit acquired the property of Saudi Fransi Bank (Al Andalus) for 27.25 million Saudi Riyals. The company said Wednesday in a statement on "Tadawul" that the property is located on Imam Ali bin Abi Talib street in Al-Rayyan district in the city of Dammam.
The manager of the fund added that the property is fully leased to a senior tenant who has nothing to do with the owner of the property with an annual rent of 1.5 million SAR for a period of 10 years beginning in November 2015.
The financial impact of the transaction should be positive in general.
The acquisition is an extension of SEDCO Capital's strategy to increase annual distributions of unitholders by the acquisition of high quality real estate assets contributing to the diversification of portfolio assets.
The Fund ended the session on Tuesday down 0.12%, at the level of 8.37 SR
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