Saudi Real Estate Co. (Al Akaria) has signed an agreement with Alinma Investment, a unit of Alinma Bank, to set up a new joint fund, Alinma-Al Akaria Fund for real estate development.
The fund will develop three mixed-use projects in Riyadh for a total value of SAR 1.5 billion, Al Akaria said in a bourse statement on Sunday.
The new vehicle will be managed by Alinma Investment, which will partially finance the three developments. Al Akaria will provide the remaining financing, as well as land plots for the projects, covering a total area of 82,000 square meters.
Al Akaria added that it expects the related financial impact to show in Q4 2018.
“The first-of-its-kind fund will help Al Akaria finance its mega, mixed-use projects across the Kingdom,” Abdulrahman Al-Mofadhi, chairman of Al Akaria, said.
In 2015, the Saudi developer inked a deal with Alinma Investment to buy 4.5 million sqm of land worth SAR 1.8 billion north of Riyadh, to build new projects, Argaam reported.
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