Riyadh – Mubasher: Riyad Capital on Tuesday said that Riyad REIT has invested SAR 45 million in a US office property situated in the Dallas-Fort Worth Metro Area.
The building spans an area of 84,174 square meters and a net leasable area of 24,491 square meters and was leased to FedEx Corporation on a long-term lease, according to a bourse disclosure.
The property is the FedEx office headquarters, a class A office building located in Legacy Business Park, a major business hub of the Dallas area that includes the Toyota’s North American headquarters as well as regional offices for JPMorgan Chase, Bank of America, Coca-Cola, among other Fortune 500 companies.
The investment is expected to generate an average annual net yield of 8.50% to Riyad REIT unitholders over a six-year investment period, excluding all expenses, fees, and projected taxes.
Riyad REIT may further generate an incremental profit of over SAR 0.015 per unit annually after deducing financing costs.
