Riyadh-Mubasher: Saudi Arabia's Al Rajhi Capital and Bahrain’s Arcapita have divested ARC Real Estate Fund for SAR 1.35 billion ($359.81 million), the two companies said in a joint statement.
The fund, which had a lifespan of five years, acquired seven assets in logistics, warehousing and retail in Saudi Arabia and the UAE.
“We are pleased with the performance of ARC Fund since our investment five years ago, and believe it was the right time to exit the fund to deliver maximum profits for our investors,” said Gaurav Shah, CEO of Al Rajhi Capital, and Atif Abdulmalik, CEO of Arcapita, in a joint statement.
“Throughout its term, the fund performed well, maintaining full occupancy on extended term leases to quality tenants across its portfolio of assets,” the statement added.
