SEDCO Capital REIT signs MoUs to buy 4 office complexes in Riyadh

SEDCO Capital REIT Fund signed on May 1 two memorandums of understanding (MoUs) to acquire four office complexes in Riyadh, SEDCO Capital, the fund manager, said in a statement to Tadawul.

Under the first MoU, SEDCO Capital said the target property is in final stages of finishing. It will be acquired under a single-tenant contract for eight years, with a net rental value of up to SAR 52 million.

The acquisition value is estimated at SAR 650 million (excluding expenses).

Meanwhile, the fund will acquire under the second MoU three office complexes in the final stages of finishing.

The three assets will be acquired under a single-tenant contract for three-five years, with a net rental value of up to SAR 33 million.

The acquisition value is estimated at SAR 650 million (excluding expenses).

Both agreements are conditional on an exclusivity period during which the fund manager will complete the legal and technical due diligence.

SEDCO Capital expects a positive financial impact on the fund’s results in case the deals are finalized.

Further updates will be duly announced, the statement added.