Saudi-based asset manager, Jadwa Investment, has raised SAR2.8 billion (US$746 million) following the first closing of a new real estate investment fund (REIF).
The fund, which is focused on Saudi property, is expected to reach up to $2.66 billion through its subsequent deployments.
Jadwa has partnered with three Saudi firms for the fund.
Tatweer Holding Group is its real estate development partner while Riyad Bank and Bank Albilad have so far provided around $350 million in debt financing with the remaining $390 million coming from equity subscriptions.
So far, the fund has acquired a number of properties in Riyadh, including two residential complexes and seven commercial towers.
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