JLL, the world’s leading real estate investment and advisory firm, today announced that it has advised the seller, Almutlaq Real Estate Investment Company “AREIC”, through its franchise Zyadah International for Marketing Services, on the successful disposition of a prime residential compound located in Riyadh, Kingdom of Saudi Arabia.
The compound consists of fully furnished three-bedroom, two-storey villas located off Makkah Road in the district of Rabwah in Downtown Riyadh. The asset was sold for just less than SAR 200 million and attracted multiple bids from across the GCC.
The buyer is a private Saudi real estate investor.
Gaurav Shivpuri, Head of Capital Markets for JLL MENA, said: “The seller appointed JLL to run an efficient, transparent, and competitive sale process to maximize value. The marketing process led to the receipt of bids from private investors, fund managers, and institutional investors from five GCC countries, highlighting regional interest for quality assets in the Kingdom.
Jamil Ghaznawi, Head of JLL in Saudi Arabia, added: “This transaction highlights the requirement for professional real estate transaction management services for such high quality real estate assets. JLL, with our strong presence in Riyadh and Jeddah and ability to access investors across the region, will continue to play an active role in supporting and advising clients for such real estate investments.”