Sedco Capital eyes SAR 1 bn Riyadh office parks: The Saudi Economic and Development Securities Company (Sedco Capital), being the manager of the Sedco Capital REIT Fund, plans to acquire four office parks in Riyadh for a total of SAR 1.03 bn, it said in a disclosure to Tadawul. The agreements are pending due diligence.

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More details: The potential acquisitions come on the heels of two non-binding MoUs signed on 1 May. The first MoU covers a single office park valued at SAR 650 mn — currently in the final stages of completion. The second MoU involves three office parks — also nearing completion — with a combined value of SAR 380 mn.

ICYMI- Sedco Capital REIT Fund signed an MoU last February to purchase a SAR 750 mn portfolio of diversified assets from unnamed sellers. The fully developed assets amount to a total land area of 152.1k sqm spread across Riyadh, Al Khobar, Dammam, Hafar Al Batin, Al Ahsa, and Abha.

IN OTHER REAL ESTATE NEWS-

Dar Wa Emaar + NHC to develop housing project: Dar Wa Emaar Real EstateInvestment and Development partnered with the National Housing Company (NHC) to develop a 616-unit residential project valued at SAR 750 mn over a 410k sqm plot, Saudi Gazette reports.

More about the project: The project features four- and five-bedroom units ranging from 200 to 300 sqm and carrying a minimum tag price of SAR 797k. Nearly 28% of the land is set aside for parks and green spaces, and residents will have access to a wide array of services and amenities.

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