Bahrain-based asset manager Arcapita and Saudi real-estate developer Rikaz are partnering up to develop a 3 mn sqm logistics park in Riyadh, according to a statement. The park, dubbed the Node, will kick off the first 400k sqm phase housing grade A warehousing facilities, the statement notes. The timeline and investment value for the logistics park was not revealed.

Strategically located: The Node will be situated in eastern Riyadh with access to King Khalid International Airport, the second and third ring roads, Khurais, Dammam, the Eastern ring road, bringing tenants within easy reach of their customers, the statement added.

Rikaz is doubling down on GCC-based logistics real estate: Rikaz currently manages USD 1 bn in industrial real estate across the GCC, with plans to ramp up its GCC logistics portfolio to USD 2 bn by 2025, the statement said. The company’s current logistics real estate portfolio comprises more than 3.5 mn square feet of built-up area, across 30 properties, and leased to 80 regional and global tenants.

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