Saudi real estate developer Rikaz has launched the second phase of Riyadh’s SAR 1.1 bn Node logistics park, Zawya Projects reports, citing a statement it has seen. The second phase covers 116k sqm and is forecasted to generate around SAR 107 mn in sales.

Remember- Bahrain-based asset manager Arcapita and Saudi real-estate developer Rikaz partnered up back in February to develop the 3 mn sqm logistics park in Riyadh. The first phase of the project involved building grade A warehousing facilities over 158 sqm, Zawya reports.

Strategically located: The Node is situated in eastern Riyadh with access to King Khalid International Airport, the second and third ring roads, Khurais, Dammam, the Eastern ring road, bringing tenants within easy reach of their customers.

Rikaz is doubling down on GCC-based logistics real estate: Rikaz currently manages USD 1 bn in industrial real estate across the GCC, with plans to ramp up its GCC logistics portfolio to USD 2 bn by 2025, according to previous statements made in February. The company’s current logistics real estate portfolio comprises more than 3.5 mn square feet of built-up area, across 30 properties, and leased to 80 regional and global tenants.

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