Riyad real estate investment trust (REIT) has signed a sale and purchase agreement with the Higher Education Fund to acquire a key building of Saudi Electronic University located in Ar Rabi district of the kingdom for SR137.65 million ($36.7 million).
 
The prime property, spread over 17,000 sq m of net leasable area, is located at the intersection of Abi Bakr As Siddiq Road and Prince Saud Bin Mohammed Bin Muqrin Road in the north of Riyadh, said the company in its filing to the Saudi bourse Tadawul.

It is fully leased by the Ministry of Education for Saudi Electronic University with a yearly net income of SR12 million ($3.19 million) which will start immediately from transferring ownership.

The funding for the property, located on a 14,000-sq-m land plot, will be done through a recently-announced fund capital increase plan, it added.-TradeArabia News Service