Riyadh – Mubasher: The Saudi Economic and Development Company (SEDCO) said that its SEDCO Capital REIT Fund signed a contract to acquire a SAR 345 million property in Khobar.
Around SAR 276 million will be paid when the asset will be fully-transferred, while about SAR 69 million is to be settled upon the completion of the construction work, according to a statement to the Saudi Stock Exchange (Tadawul).
SEDCO further noted the total value of leasing the property amounts to SAR 25 million, while it will be leased for ten years, starting from 1 January.
The fund manager further indicated that the deal’s financial impact will appear in the results of the first quarter of 2019.
