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SNB Capital + Alshegrey Investment launch SAR 1 bn real estate fund: SNB Capital and Alshegrey Investment Group launched the SAR 1 bn Al Ahli Al Basateen Real Estate fund, they said in a joint statement picked up by Zawya earlier this week.
The play: SNB (the investment banking arm of SNB, the kingdom’s largest bank by assets) and Alshegrey are looking to capitalize on rising demand in Riyadh for offices and commercial real estate.
A SMART INVESTMENT- Grade A office occupancy levels in Riyadh hit 98%, which is among the highest globally, a 3Q 2024 report (pdf) by real estate services provider Savills showed. “Activity remains so strong that under-construction buildings have recorded healthy pre-commitment levels,” it said.
What it’s investing in: The fund will invest and develop office and commercial projects in Diriyah’s Al Basateen District through Alshegery’s subsidiary Al Basateen Real Estate Company, according to the statement. The first project, dubbed Al Basateen Offices, spans 25k square meters to offer office spaces of over 30k square meters, while the second project, Al Basateen 360, spans 10.3k square meters with commercial and office rental spaces of up to 13k square meters.
