IslamicFinance.de

Bahrain-based Arcapita has sold real estate assets it jointly held with Saudi Arabia's Al Rajhi Capital for 1.35 billion Saudi riyals ($359.81 million), the two companies said in a joint statement. The ARC Real Estate Fund, which had a lifespan of five years, acquired seven assets in logistics, warehousing and retail in Saudi Arabia and the United Arab Emirates, they said in the statement. The fund appointed an external consultant to advise on the sale in April. They did not say who they had sold the assets to. Al Rajhi Capital is the investment banking arm of Saudi Arabian lender, Al Rajhi Bank.