Bonyan REIT inks pact to buy under-construction office tower in Riyadh

Logo of Bonyan REIT Fund

Saudi Fransi Capital Co., the fund manager of Bonyan REIT Fund, announced that the fund has signed a sale and purchase agreement (SPA) for an under-construction office tower located in Al Sahafa District, Riyadh, according to a statement to Tadawul.

 

The developer will deliver the building after completing the development work.

 

The agreement includes the right of termination for all parties if the specific conditions are not met within 210 calendar days from the date of the agreement.

 

More details will be announced if the deal becomes effective.

 

The transaction is expected to have a positive impact on the fund, the statement said.

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