Saudi Arabia’s Riyad Capital managed Riyad REIT Fund signed a $62 million deal to purchase a U.S. logistics portfolio comprising five properties.

The custom-built 4.5 million square feet facilities spread across Southeast of U.S. are set to further expand REIT’s portfolio, following the recent SAR 52.5 million acquisition of a leased office building in Washington D.C. in November 2021.

Diversified investments

Riyad REIT is a Shariah-compliant real estate investment fund that purchases, preserves, holds, and develops a diversified portfolio of income-generating real estate assets.

The fund, founded in June 2015 aims to provide investors with a consistent, moderately-growing income distribution from real estate investments.

Vision 2030

The latest acquisitions correspond with the kingdom’s Vision 2030 programme to steer away from an oil-dependent economy towards a diversified investment portfolio comprising a modern infrastructure, logistics assets, improved seaports and new airports.