Asset had generated $14.64mln in rental income throughout investment period.
Bonyan REIT Secures Over SAR 279.9 Million Through Dubai Property Divestment
Saudi Arabia’s Bonyan REIT has successfully concluded the sale of a residential property in Dubai, earning an impressive SAR 279.9 million ($74.5 million) in total proceeds.
The property, Citywalk 2B, features 69 units and was originally acquired for SAR 262.5 million during the fund’s launch. Over the course of the investment, the property generated substantial rental income exceeding SAR 54.9 million.
The divestment process began in December 2022, with the final transaction recently completed. BSF Capital, the fund manager, confirmed the total sales proceeds reached SAR 279,921,816.
A significant portion of the proceeds will be utilized for the early repayment of the fund’s Shariah-compliant financing, reflecting Bonyan REIT’s commitment to maintaining financial stability.
Since its establishment in 2018, Bonyan REIT has focused on investing in high-yield real estate assets that provide consistent rental income. The fund remains a prominent player in the Saudi real estate market, known for its strategic investments and prudent management.
