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Al Riyadh REIT gains 48% from Texas property sale
The Riyadh Financial Company, manager of the "Riyadh REIT" fund, achieved a return of 48% from the sale of an office property located in Plano, Texas, USA. The property was sold for 54 million SAR after the fund invested 45 million SAR in it during 2020. The property was fully leased to FedEx, and it generated cash distribution revenues of approximately 13 million SAR during the investment period, bringing the total proceeds to 67 million SAR. The resulting liquidity will be used to strengthen the fund's financial position and improve its real estate assets.
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