Riyad Capital stated that Riyad International Real Estate I has sold Sequoia Plaza, a 370,000 square foot, three-building office complex in Arlington, Virginia (within the Washington D.C. Metro Area) for more than $200 million. The Property, which is leased to Arlington County – a AAA (S&P, Moodys, Fitch) government tenant – was sold to Boyd Watterson Asset Management, a U.S. based asset manager.
The sale marks Riyad Capital’s first exit from its international real estate platform. Since launching its international real estate business in 2018, Riyad Capital has acquired nearly SR 9 billion of flagship Class A properties under long-term leases to investment-grade tenants, spanning primary metropolitan cities in the United States and Europe.
Riyad International Real Estate Ihas distributed approximately 21% dividends to investors on a quarterly basis since the Property was acquired in 2019. Additionally, backed by very strong fundamentals relative to the quality of the asset and strong location, the investment also generated capital appreciation of nearly 50% over the investment period. On an IRR basis, Riyad International Real Estate I generated an IRR to investors of 22.5%.