In one of Riyadh’s largest real estate transactions in the first half of 2025, SEDCO Capital REIT announced the acquisition of the “Palm View” office development from Al Basateen Real Estate, in a deal valued at SAR 650 million. Located in the Al Basateen district of Riyadh, the acquisition aligns with the fund’s strategy to diversify its real estate portfolio and enhance investment returns in the Kingdom’s growing property sector.
The Palm View project enjoys a strategic location near major Riyadh developments such as New Murabba, Diriyah, and the Sports Boulevard, and offers more than 20,000 square meters of leasable space with scenic views of a palm oasis in northern Diriyah.
Mr. Abdulaziz Alshegrey, CEO of Al Basateen Real Estate, commented:
“This step represents an important boost to Riyadh’s business sector by providing attractive, investment-grade real estate assets that contribute to building a modern and flexible work environment aligned with the aspirations of leading companies and institutions in the Kingdom.”
Mr. Abdulwahab Abed, CEO of SEDCO Capital REIT, stated:
“This announcement reflects the confidence investors have in the fund’s strategy and its ability to deliver quality acquisitions in line with our growth and expansion objectives. The combination of acquisition and long-term leasing demonstrates the fund’s readiness to convert projects into income-generating assets and to realize strategic exits from development projects with sustainable and compelling returns.”
The Palm View project represents a benchmark in quality real estate development based on deep market insight, innovation, and architectural design. It is part of Al Basateen’s broader portfolio, which exceeds SAR 4 billion in total assets.
A prestigious real estate developer, renowned for delivering exceptional luxury properties, combining innovative design with high-quality craftsmanship.
Built up Area (SQM):
338 – 430 M2
No. of units:
61 VILLA
Land Area (SQM):
700 – 1000 M2
Built up Area (SQM):
509-561 M2
No. of units:
134 VILLA
Land Area (SQM):
300-327 M2
Built up Area (SQM):
509-561 M2
No. of units:
134 VILLA
Land Area (SQM):
300-327 M2
Built up Area (SQM):
1004+
No. of units:
134 VILLA
Land Area (SQM):
400+
Built up Area (SQM):
35,743 M2
No. of zones:
3
Land Area (SQM):
25,072 M2
Built up Area (SQM):
16,964 M2
U.G Parking Basaments:
3
Land Area (SQM):
10,325 M2
Built up Area (SQM):
138,729 M2
Offices Residental:
Components
Land Area (SQM):
35,000 M2
Mixed-Use:
Rental
