Saudi asset managers Riyad Capital and Arabian Centres Company (ACA) are set to launch two closed-end real estate funds worth a collective SAR6.2 billion (US$1.65 billion).
The funds will look to develop two ACC projects, Jawharat Riyadh and Jawharat Jeddah.
The projects have total development costs of $48 million and $29 million respectively.
Riyad Capital will be responsible for managing the funds while ACC will retain ownership of the fund units.
According to a bourse filing, the two funds are considering a number of options for a public subscription offering, including a real estate investment trust.
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