Riyad Capital announced that Riyad REIT has invested SAR 24 million in a 10,186 square meters (plus 755 parking spaces) and 35,536 square meters net leasable area in Brussels (capital of the European Union), Belgium.

Riyad Capital announced that Riyad REIT has invested SAR 24 million in a head office building in Belgium.

The real estate asset is the headquarters of PricewaterhouseCoopers (PwC) in Brussels - a Class A office building. PwC is the world's second largest professional services network and one of the Big Four audit firms. The firm has offices in more than 150 countries and global revenues totaled more than $40 billion by the end of 2020. Approximately 32% (more than 90,000 people) of PwC's workforce is based in Western Europe - the largest distribution of employees in the firm.

The building is located within the Airport District - a gathering center for global companies. The area is characterized by low property taxes, the presence of many international companies, and the availability of all means of transportation. The area is home to 317 companies that together directly and indirectly employ 64,000 people. The vicinity of the building also includes the centers of many international companies such as EY, CISCO, UPS, Microsoft, ExxonMobil, Sony, Toyota, Deloitte, Samsung and many other major companies.

The company said in a statement today on Tadawul that the investment was fully financed from bank facilities available to the fund and compliant with Islamic Sharia standards.
The investment is expected to achieve an average annual return of 8% for Riyad REIT over a 5-year investment period.

The investment is expected to achieve an average annual return of 8% for Riyad REIT over a 5-year investment period.