Riyadh – Mubasher: Riyad Capital, manager of Riyad REIT, said the fund has invested SAR 92.5 million in a US office building spanning a land area of 32,000 square meters and net leasable area (NLA) of 61,400 square meters.
The investment is funded from the Sharia-compliant facilities available to Riyad REIT and is expected to generate an average annual yield of 8% to Riyad REIT over a 5-year investment period, according to a bourse filing on Sunday.
The property is the Broadcom Corporate Campus, a Class A office and research and development (R&D) mission-critical campus, situated in Irvine (Orange County), California, next to the Irvine Spectrum Center, one of Southern California’s top retail and dining destinations.
The campus is located in close proximity to many entertainment and activity destinations including Disneyland, Laguna Beach, Newport Beach, Downtown Anaheim, and others.
Moreover, the Irvine Spectrum Area includes major companies such as Lexus, KPMG, Amazon, UBS, Canon, Philips, and other large corporations.
The property is leased to Broadcom Corporation, a wholly-owned subsidiary of Broadcom, Inc. on a long-term lease of 17 years.
