Riyad REIT invests SAR 24 mln in Belgian office building

Logo of Riyad REIT Fund

Riyad Capital announced that Riyad REIT Fund invested SAR 24 million in a headquarters office building in Brussels, Belgium.

The office building covers a land area of 10,186 square meters (sqm), as well as approximately 755 parking spaces and net leasable area of 35,536 sqm in Brussels, according to a bourse filing.

The investment is fully funded from the Shariah-compliant facilities available to Riyad REIT.

The investment is expected to generate an average annual yield of 8% to Riyad REIT over a five-year investment period.

The property is the PricewaterhouseCoopers (PwC) headquarters in Belgium, a Class A office building. PwC is the second largest professional services company and is considered one of the Big Four accounting firms.

The property is situated within Airport District – a hub for international companies that is characterized by the strong presence of international corporates, excellent mobility, and low property taxes.