The Saudi Fund has signed an agreement to purchase the retail and office complex in a SAR 320M deal.
The Boulevard, located on Prince Turki bin Abdulaziz Al-Awal Street, brings together a collection of shops, restaurants, fitness centres and entertainment facilities, ensuring visitors an unrivalled and unforgettable experience. Occupying a total land size of 18,854sq m and a built up area of 36,340sq m, the Boulevard is leased to multi-tenants at a 97 per cent occupancy rate with a net operating income of around SAR 29.3M.
The purchase will be financed by increasing the total value of the fund’s assets to SAR 370M, which has already been approved by its Board of Directors. This will be through an in-kind contribution from the seller of the new asset for an amount of SAR 120M.
The deal is subject to completing the technical and legal checks and obtaining regulatory approvals.
