Kingdom City sold for US $240mn
Kingdom Holding Company will retain partial interest via new owner’s real estate fund
Saudi conglomerate Kingdom Holding Company has sold its residential complex – Kingdom City – to a real estate fund affiliated with Alawwal Investment for US $240mn.
Located in the Al Rabie neighbourhood of Riyadh, Kingdom City is one of the most prominent luxury residential complexes in the Saudi capital and is situated at the intersection of Al Thumama Road and King Abdulaziz Road.
The complex features 384 residential units along with other key facilities, distinguished by its proximity to current and future quality projects in Riyadh, such as the King Abdullah Financial Center, the Sports Boulevard Project, King Salman Airport, and Roshan Front.
The conglomerate stated that there will be no change in the name and the complex will be known as ‘Kingdom City’.
Announcing its next move, Kingdom Holding Company said it will now participate in a new fund that owns ‘Kingdom City’ and will announce the percentage of its participation on a later date.
Meanwhile, the fund’s strategy now is to grow the revenues of the residential complex and improve the quality of life by raising operational efficiency and improving overall service levels.
Spanning six continents, Kingdom Holding Company has assets worth over $13.2bn covering 18 sectors, ranging from hotel management, real estate and hotel properties, to digital media and entertainment, financial and investment services, e-commerce, petrochemicals, education, health care and aviation and transportation.
