Riyadh-based Saudi real estate investment fund Riyad REIT Fund has acquired an office building located in Conshohocken (Philadelphia MSA), Pennsylvania, used by AmerisourceBergen Global one of the world’s largest global companies, Argaam reports.
The acquisition, the Argaam notes, cost the company SAR 60 million (around $16 million). The property, 39,867 square meters, includes a land area of 14,892 square meters and has 1,394 parking spaces. The lease is set to generate an average annual yield of 8% to the fund over a five-year investment period, Argaam further notes.
The “Class A” office building is located close to many entertainment and activity destinations, including King of Prussia Mall (the third largest mall in the US), Gulph Mills Golf Club and not far from major companies such as, Amazon, UBS, Mercyhealth, Oracle, Morgan Stanley, Credit Suisse and other large corporations. Riyad REIT Fund is the real east investment vehicle of Riyad Capital, the investment arm of Riyadh Bank.
Riyad REIT Fund acquires 39.867 square-meter office building in Pennsylvania
