UAE- Arcapita and Al Rajhi Capital exit realty fund

11/30/2015 11:50:05 PM

(MENAFN- Khaleej Times)

Arcapita the Bahrain-based investment management firm has sold real estate assets it jointly held with Saudi Arabia's Al Rajhi Capital for 1.35 billion Saudi riyals ($359.81 million) the two companies said in a joint statement on Monday.

The ARC Real Estate Fund which had a lifespan of five years acquired seven assets in logistics warehousing and retail in Saudi Arabia and the UAE they said in the statement.

The fund appointed an external consultant to advise on the sale in April.

They did not say who they had sold the assets to.

The Gulf property fund was formed in 2010 to capitalise on falling prices in the region.

Al Rajhi Capital is the investment banking arm of Saudi Arabian lender Al Rajhi Bank. - Reuters

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