Al-Rajhi Capital, Arcapita form US$500m property fund

Posted on | February 22, 2010

By BLOOMBERG

Al-Rajhi Capital, the investment unit of Al-Rajhi Bank, and Arcapita Bank bought a warehouse in Riyadh as they set up a US$500 million property fund to seek investments in the Persian Gulf.

The ARC Real Estate Income fund will invest in warehouses, healthcare centers and education-related assets in Saudi Arabia and other Persian Gulf countries, the two companies said in an e-mailed statement today.

Savola Al Azizia United Co, Saudi Arabia’s second-largest food producer, announced the sale of the warehouse in Riyadh for US$79.7 million in January.

- Malaysia Property News dot net

You might also like

Al Rajhi Bank buys property By BERNAMAKUALA LUMPUR: Al Rajhi Bank (Malaysia) is purchasing 36 units of i-City Cybercentre 1 office...

Al Rajhi taps Arab market for Second Home programme By BUSINESS TIMESAHMED Rehman, chief executive officer of Al Rajhi Bank Malaysia, said Arabs have been...

Al Rajhi to help promote Malaysia My Second Home By THE STARPENANG: Al Rajhi Bank (ARB) aims to tap into its customer base of over three million in Saudi...

i-Berhad expects RM2b township to drive profit By BUSINESS TIMESI-BERHAD, a home appliances maker turned property developer, expects to see double-digit...