Riyadh – Mubasher: Saudi Economic and Development Securities Company (SEDCO Capital) announced that SEDCO Capital REIT Fund had acquired a property at SAR 27.25 million.
Located on Imam Ali Bin Abi Talib Street in Al Rayan neighborhood in Dammam, the property was previously owned by Banque Saudi Fransi, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
“The property is fully leased to Banque Saudi Fransi who is not related to the owner of the property for an annual rent of SAR 1.5 million for a period of ten years starting from November 2015,” the statement added.
The acquisition deal is part of the fund’s strategy to raise annual cash dividend distribution for units’ holders.
By 11:30 am Saudi time, the fund’s stock shed 0.12% to SAR 8.36.
