Riyadh Capital, the fund manager at Riyad REIT, has invested 60 million riyals in an office building in the United States of America on an area of 14,892 square meters, in addition to 1,394 square meters of parking and net Leasable space of 39,867 square meters in the Conshohocken - Philadelphia Metropolitan Statistical Area (MSA), Pennsylvania, USA.
According to Arab Net, the company said in a statement that the property is a Class A office building and is the headquarters of AmerisourceBergen.
The lessee, Amerisource Bergen, is an investment-grade tenant and ranked 8th in the 2021 Fortune 500 list, a leading pharmaceutical distribution company that owns The company has an estimated market share of more than 30% of all medicines sold and distributed worldwide.
It is worth noting that the company generated annual revenues of $190 billion over the past year, and this sector is a key sector, especially during the post-COVID period for medicines and vaccines.
The building is located close to many leisure destinations including the King of Prussia Market, America's third largest shopping mall, and Gulph Mills Golf Club, among many others.< /p>
The surrounding areas of the building include hubs for many companies such as: Amazon, UBS, Mercyhealth, Oracle, Morgan Stanley, Credit Suisse, as well as several major corporations.
She said that the entire investment was financed by the bank facilities available to the fund that are compatible with Islamic Sharia standards.
Riyadh Capital expected the investment to achieve an average annual return of 8% for Riyad REIT over a 5-year investment period.
