RIYADH: Riyad REIT Fund invested SR24 million ($6.3 billion) in the PriceWaterhouseCoopers (PwC) headquarters in Belgium, a Class A office building, Riyad Capital announced in a bourse filing on Thursday.
The office building sits on 10,186 square meters of land in Brussels, including approximately 755 parking spaces and net leasable area of 35,536 sqm.
The investment is fully funded from the Shariah-compliant facilities available to Riyad REIT, and is expected to generate an average annual yield of 8 percent to Riyad REIT over a five-year investment period, according to the Saudi Stock Exchange (Tadawul) filing.
The property is situated within the Airport District, a hub for international companies with low property taxes.
PwC is the second largest professional services company and is considered one of the Big Four accounting firms. It operates in more than 150 countries and generated over $40 billion in revenues globally in 2020.
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