Mulkia Investment Co.’s managed fund, Aljawhara Real Estate Fund, closed the sale of the second land plot spanning an area of over 515,000 square meters (sqm) in Al-Raid district, Riyadh, for more than SAR 1.5 billion, or SAR 2,950 per sqm.
With this sale, Aljawhara completed exiting all assets after the first land plot, which spanned a total area of 932,000 sqm, was sold for SAR 2.65 billion earlier this year. Accordingly, the fund exited assets worth nearly SAR 4.2 billion, Mulkia said in a statement.
Aljawhara Fund was transferred to Mulkia Investment in early 2020, as the company worked to overcome all obstacles to ensure achieving the fund’s objectives and unitholders’ interests. This was backed by great support from the Capital Market Authority (CMA), the fund’s board of directors, the work team, and all parties that contributed to completing this sale, the statement added.
The sold land is located in Riyadh and is bordered to the south by Al-Orouba Road. It is close to many vital sites such as Prince Turki bin Abdulaziz I Road, King Khalid Road, and King Abdullah Road, King Saud University, Al Sefarat District, and a number of vital attractions, according to the statement.
The land is expected to represent a qualitative addition to real estate development not only in its area but also in Riyadh.
Mulkia Investment was granted the CMA’s license No (13170-37). The company’s operations are focused on real estate and alternative investments in Saudi Arabia.